Arkham Intelligence data shows that the automotive company moved $759 million from its Bitcoin wallet in several transactions.
Automotive company Tesla has moved $759 million from its Bitcoin wallet, marking its first BTC transactions in two years. This move 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.
According to data from Arkham Intelligence, Tesla made several transactions, moving $759 million from its Bitcoin wallet. The first three transactions occurred simultaneously, with the company transferring just over $228 million.
In the first transaction, Tesla sent $75.18 million worth of BTC to an unknown wallet. The company then transferred $76 million and $77 million to another unknown wallet in the second and third transactions, respectively.
On-chain data shows that Tesla still holds 3,927 BTC ($261 million) in this public wallet. These BTC transactions are the first reported by the company in almost two years.
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