The post Tesla Transfers $769 Million in Bitcoin to Unknown Wallets appeared on BitcoinEthereumNews.com.

TLDR Tesla moved $769 million in Bitcoin across multiple unknown wallets This is the first movement of these funds since June 17, 2022 The transfer involved 11,500 Bitcoin distributed to seven different wallets Tesla’s Q3 earnings report on Oct. 23 may provide more information Some speculate this could signal a potential reactivation of Bitcoin payments for Tesla On October 15, 2024, Tesla, the renowned electric vehicle manufacturer, moved a significant portion of its Bitcoin holdings worth approximately $769 million. This transfer, involving 11,500 Bitcoin, marks the first movement of these funds in over two years, with the last activity recorded on June 17, 2022. According to data from Arkham Intelligence, the transfer began at around 20:41 UTC, following several small test transactions. The Bitcoin was then distributed across seven different wallets, all of which remain unidentified at this time. This is not selling, it is more likely taking direct custody of the coins, which would signal a reactivation of btc payments. The tell is the legacy address format, which exchanges don’t use anymore for coins that are going to be tx’ed in the near term. — Trygg.btc 🧙🏻‍♂️ (@TryggBTC) October 15, 2024 Tesla’s relationship with Bitcoin has been a subject of interest in the cryptocurrency and business worlds. The company first made headlines in February 2021 when it acquired $1.5 billion worth of Bitcoin. Shortly after, Tesla CEO Elon Musk announced that the company would accept Bitcoin as payment for its vehicles. However, this decision was reversed just months later in May 2021, citing concerns over the environmental impact of Bitcoin mining. The company’s last known Bitcoin sale occurred in June 2022, when it sold 29,160 Bitcoin at an average price of $20,000 per coin. This sale remains Tesla’s largest to date. Prior to that, Tesla had sold 4,320 Bitcoin…

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Filed under: News - @ October 16, 2024 8:20 am