Tesla has made a significant move with its Bitcoin holdings. For the first time in two years, the electric car company transferred its Bitcoin (BTC) assets. This happened on October 15, according to Arkham Intelligence.
In this transaction, Tesla shifted nearly all of its Bitcoin, valued at around $760 million, to new wallet addresses. They left just $6.70 worth of Bitcoin behind. Back in January 2021, Tesla purchased $1.5 billion in Bitcoin. They sold 272 million BTC in the first quarter and $936 million BTC in the second quarter of 2022.
Right now, Tesla ranks as the fourth-largest corporate holder of Bitcoin by market cap. A report from March indicated that the company holds 11,510 BTC, which is about $780 million, across 68 addresses.
Previously, Tesla allowed customers to pay with Bitcoin. However, they stopped this practice due to environmental concerns. CEO Elon Musk has mentioned that the company might consider accepting Bitcoin payments again once the mining process becomes more eco-friendly.