Tesla moved $776 million of Bitcoin last week, Arkham Intelligence Suggests that the Company is Still Hodling

Arkham announced the transaction on Twitter, pointing out that it was the first activity from Tesla’s Bitcoin in two years. The coins were split into seven new wallets, which Arkham believes are still Tesla’s. They stated, “This looks like a wallet rotation, so Tesla still possesses the Bitcoin.”

Tesla invested in Bitcoin in 2021, putting $1.5 billion into the cryptocurrency. Later, Elon Musk voiced concerns about Bitcoin’s environmental impact, leading Tesla to halt accepting it for vehicle purchases. Consequently, the company sold most of its Bitcoin, often at a loss.

Despite this, Tesla retains 11,509 Bitcoin, worth around $776 million today. The value has risen since the company started selling off some holdings in 2022. Tesla is among the largest Bitcoin holders, with only a few companies, such as Riot, Marathon, and MicroStrategy, having more.