Tesla Transfers $760 Million Worth of Bitcoin in First Major Transaction in Over Two Years

Tesla, Inc. has completed its first major Bitcoin transactions in over two years, transferring a total of $760 million worth of the cryptocurrency.

Electric vehicle maker Tesla, Inc. has completed its first major Bitcoin transactions in over two years, to the tune of $760 million.

The move, which was flagged by blockchain analytics firm Arkham Intelligence, saw Tesla initially transfer around $225 million in Bitcoin to new wallet addresses. Soon after, the company moved an additional $260 million, bringing the total to $760 million, according to multiple sources.

It’s unclear what the purpose of these transactions is, leaving market analysts to speculate on the company's intentions. Some suggest Tesla could be strategically repositioning its cryptocurrency assets, while others believe the transfers could signal potential sales or even the reintroduction of Bitcoin as a payment method for its electric vehicles.

Tesla, which began accepting Bitcoin as a payment method for its vehicles in 2021, suspended the option later that year, citing environmental concerns.

The company’s decision to halt the use of Bitcoin was driven by the significant energy consumption associated with cryptocurrency mining.

These new transactions represent Tesla’s most substantial activity with Bitcoin since that decision, although the company has yet to disclose any details on whether the cryptocurrency could once again play a role in its payment operations.

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