Tesla has moved $759 million from its Bitcoin stash, 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 $759 Million From Bitcoin Wallet
Arkham Intelligence data shows that the automotive company moved $759 million from its Bitcoin wallet in several transactions. Thr first three transactions came simultaneously when it transferred just over $228 million.
In the first transaction, Tesla sent $75.18 million worth of BTC to an unknown wallet. The company went on to transfer $76 million and $77 million to another unknown wallet, marking the second and third transactions.
On-chain data shows that Tesla still holds 3,927 BTC ($261 million) in this public wallet. Meanwhile, these BTC transactions are part of the company’s transactions in almost two years, raising questions about what could be the exact reason for this move.
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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By CoinGape
Source: CoinGape
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