Electric Vehicle Giant Tesla Still Holds $772.5 Million in Bitcoin (BTC)

Last week, Arkham flagged a series of on-chain transactions indicating Tesla had moved its trove of 11,509 BTC for the first time in two years.

Electric vehicle maker Tesla Inc (NASDAQ:TSLA) is still likely holding around $772.5 million in Bitcoin (CRYPTO: BTC), according to crypto deanonymizing platform Arkham Intelligence.

Last week, Arkham flagged a series of on-chain transactions indicating that Tesla had moved its trove of 11,509 BTC for the first time in two years. However, further analysis by the crypto platform suggests that the receiving addresses appear to be new wallets owned by Tesla.

“The Bitcoin has been split between 7 wallets holding 1100 and 2200 BTC. All holding wallets received test transactions and all but one hold a round number of BTC,” wrote Arkham.

“Some have speculated that this is movement to a custodian, for example to secure a loan against the BTC.”

Tesla's BTC Holdings:

1Fnhp – 2109.3 BTC ($142.2 million)

1LERL – 1900 BTC ($128.1 million)

1D6Vh – 1800 BTC ($121.3 million)

16QZn – 1700 BTC ($114.6 million)

1QC2z – 1600 BTC ($107.8 million)

1Phab – 1300 BTC ($87.6 million)

1MGM8 – 1100 BTC ($74.1 million)

Bitcoin In, Bitcoin Out:

Tesla initially purchased $1.5 billion in Bitcoin in January 2021. The Elon Musk-led car company then sold off $272 million in BTC that same year and another $936 million in BTC in 2022.

The car company is currently the fourth-biggest corporate owner of the leading crypto asset by market cap, according to BitcoinTreasuries.net.

In 2021, Tesla also briefly enabled customers to pay for purchases using BTC. However, the firm axed that feature later in the same year, citing climate concerns regarding Bitcoin mining. Musk said at the time that Tesla would likely resume accepting Bitcoin payments once the mining process became more environmentally friendly.

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