Tesla transferred its entire Bitcoin stash, amounting to 11,509 BTC valued at $776 million, into seven newly created wallets last week. Despite this significant movement, blockchain intelligence firm Arkham asserts that Tesla continues to maintain control over these holdings, suggesting that these transactions are merely wallet rotations. This transfer is notable as the Bitcoin had remained untouched for two years prior. Tesla originally invested in Bitcoin in 2021 but faced scrutiny over the environmental impact of Bitcoin mining, prompting the company to halt Bitcoin payments for its vehicles. Nonetheless, Tesla holds substantial Bitcoin assets, with the value increasing significantly since the firm began selling off portions of its holdings in 2022. Currently, only a few companies own more Bitcoin than Tesla, including Bitcoin miners Riot and Marathon, as well as software company MicroStrategy, which has a larger stake of approximately $17 billion in Bitcoin.

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