According to blockchain data company Arkham Intelligence, e-car maker Tesla has made its first Bitcoin transaction in two years.
The company transferred $225 million of BTC to an unknown wallet on Oct. 15.
Tesla did not stop there, moving a total of $760 million worth of BTC in the span of just hours.
The company shocked the investment world by buying as much as $1.5 billion worth of Bitcoin back in February 2021.
The mammoth investment pushed Bitcoin to new highs and created a bullish narrative about broader corporate Bitcoin adoption.
However, Tesla went on to trim its Bitcoin holdings by 10% in the first quarter of 2021 because it wanted to confirm whether BTC could be liquidated easily without causing substantial market volatility, according to CEO Elon Musk.
The e-car maker has then seemingly soured on the leading cryptocurrency. In July 2022, it sold the lion's share of its Bitcoin holdings.
According to Arkham Intelligence, Tesla's current Bitcoin holdings stand at $717 million.
SpaceX, another company helmed by billionaire Elon Musk, also owns $554 million worth of BTC.
Tesla's latest move could simply be internal account shuffling, meaning that the market does not necessarily have to anticipate more selling pressure.
Analytics firm Spot On Chain argues that these are "likely" new wallets that still belong to Tesla.
Tesla is, of course, the fourth-largest holder of Bitcoin after MicroStrategy, Marathon Digital, and Riot Platforms.
The Bitcoin price is seemingly unfazed by the most recent Tesla move, currently changing hands above the $67,000 level, according to CoinGecko data.
Dan Burgin
Vladislav Sopov