Elon Musk’s Tesla Moved $776 Million in Bitcoin, But Is Still in Control of Wallets: Arkham

Electrical automotive firm Tesla moved all of its Bitcoin final week in a flurry of transactions. However Elon Musk’s agency possible shifted the cash to different wallets it controls, based on blockchain intelligence agency Arkham Intelligence.

Arkham posted the actions on Tuesday to Twitter (aka X), because it tracks the crypto actions of the car-making large because it is likely one of the greatest publicly-traded corporations to have invested within the main cryptocurrency.

In line with Arkham, the Bitcoin had not been moved for 2 years previous to October 15. The cash had been put into seven new wallets believed to be managed by the corporate.

“We imagine that the Tesla pockets actions that we reported on final week had been pockets rotations with the Bitcoin nonetheless owned by Tesla,” Arkham mentioned. 

Tesla did not instantly reply to Decrypt‘s questions, and didn’t reply to final week’s request to verify the strikes.

Tesla’s Bitcoin funding got here again in 2021, with a $1.5 billion bet on the digital asset. Billionaire Elon Musk then backtracked from his assist, and the corporate sold most of its holdings—at a loss.

The agency’s eccentric CEO said he had considerations over how dangerous mining Bitcoin was for the setting, and the corporate stopped accepting Bitcoin funds for its vehicles consequently.

However the Austin, Texas-based firm nonetheless holds 11,509 Bitcoin, and the worth of that cryptocurrency has grown considerably for the reason that agency began dumping its holdings in 2022, price roughly $776 million as of this writing.

The one public corporations which have extra Bitcoin are U.S. Bitcoin miners Riot and Marathon and software program firm MicroStrategy—the latter of which holds about $17 billion price of BTC.

Edited by Andrew Hayward