Tesla has moved all its Bitcoin holdings, worth over $759 million, from its public wallet, marking its first BTC transactions in two years. This has raised questions about the reason for these transactions, with a potential sale of these coins likely to impact the market significantly. However, there is the possibility that the company might not just be moving these coins to another cold wallet.
Tesla Moves Over $759 Million From Bitcoin Wallet
Arkham Intelligence data shows that the automotive company transferred all its BTC holdings, worth over $759 million, from its current wallet in several transactions. The first three major transactions occurred within close intervals, with the automotive company transferring $75.18 million, $76.08 million, and $77.16 million, respectively.
Tesla sent the $75.18 million to an unknown wallet (1Gxup…Zo2XM), while the company sent $76.08 million and $77.16 million to the same wallet (1D6Vh…NsLvn), which is also anonymous. Shortly after, the company transferred the remaining bitcoins from the public wallet to several other wallets.
The first of these remaining transactions was the transfer of $39.82 million worth of BTC to another unknown wallet (1G5kZ…hGW8W).
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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