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Cryptocurrency News Articles
Tesla Moves 11500 Bitcoin (BTC) Worth $769M From Dormant Wallets After 2 Years
Oct 16, 2024 at 03:45 pm
Cybertruck manufacturer Tesla has moved its Bitcoin holdings across multiple unidentified wallets after two years of dormancy.
Electric car manufacturer Tesla has shifted its Bitcoin holdings for the first time in two years, moving 11,500 Bitcoin (BTC) from multiple Tesla-labeled wallets. The transfers were spotted on Oct. 15 at around 20:41 UTC, according to Arkham Intelligence.
The transfers began with several test transactions for small amounts of Bitcoin, followed by the distribution of the funds across seven different wallets. A total of 11,500 Bitcoin, valued at over $769 million at the time of the transfers, were shifted.
The last time Tesla moved its Bitcoin holdings was on June 17, 2022, when the company sold 29,160 BTC. Prior to that, Tesla had sold 4,320 BTC in April 2021, a month after announcing that it would accept Bitcoin as a payment for its vehicles. However, the carmaker suspended the payment option in May 2021 due to environmental concerns related to Bitcoin mining.
According to Bitbo data, Tesla was the fourth-largest corporate holder of Bitcoin before today's transfers, following business intelligence firm MicroStrategy and Bitcoin miners Galaxy Digital and Riot platforms.
Meanwhile, Musk’s other company SpaceX, continues to own 8,285 Bitcoin (roughly $556 million.)
Bitcoin was trading slightly below $67,000 on Monday evening, and was up 1.7% in the past 24 hours.
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