Electric car company Tesla moved all of its Bitcoin in a flurry of transactions last week. However, according to blockchain intelligence firm Arkham Intelligence, Elon Musk's company likely moved the coins to other wallets it manages.
Arkham posted the move on Twitter (also known as X) on Tuesday. The company is one of the largest listed companies that has invested in major cryptocurrencies and tracks the movements of its cryptocurrencies.
According to Arkham, the bitcoins had not been moved in the two years prior to October 15th. The coins were reportedly placed in seven new wallets that appear to be controlled by the company.
“We believe the Tesla wallet movement we reported last week was a wallet rotation with Bitcoin.” It’s still owned by Tesla,” Arkam said.
Tesla did not respond immediately. decryptionHe did not respond to questions and did not respond to a request last week to confirm his movements.
Tesla's Bitcoin investment was made again in 2021, with $1.5 billion bet on the digital asset. Billionaire Elon Musk then withdrew his support and the company sold most of its stake at a loss.
The company's eccentric CEO said he was concerned about how bad Bitcoin mining was for the environment, and as a result, the company had stopped accepting Bitcoin payments for cars.
However, the Austin, Texas-based company still holds 11,509 Bitcoin, and the value of the cryptocurrency has increased significantly since the company began selling its holdings in 2022. At the time of writing, it is worth approximately $776 million.
The only public companies with more Bitcoin are US Bitcoin mining companies Riot and Marathon and software company MicroStrategy, with the latter holding around $17 billion worth of BTC.
Edited by Andrew Hayward
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