Tesla, one of the largest corporate holders of bitcoin, has moved its remaining 11,509 coins worth about $770 million to new addresses, The Block reports, citing data from analytics company Arkham Research.

In a series of transactions, the company, which made an unprecedented $1.5 billion investment in Bitcoin in February 2021, moved about $770 million in the cryptocurrency to seven new addresses on Tuesday. Tesla had previously conducted six test transactions, interacting with Bitcoin wallets for the first time since selling off most of its holdings in 2022.

As of October 15, Tesla held about 9,720 BTC, worth about $650 million, down from 43,000 at its peak. However, Arkham believes Tesla holds up to 11,509 BTC across 68 addresses, worth $770 million at current prices. Elon Musk’s SpaceX is estimated to hold 8,285 bitcoin, according to Bitcoin Treasuries.

Tesla is the third-largest holder of Bitcoin among publicly traded companies after MicroStrategy and MARA . The electric car maker accepts Bitcoin as payment for vehicle purchases.

It is not known why the company is moving BTC after more than two years of inactivity, although some suspect it may be preparing to sell an even larger portion of its coins.

In the first quarter of 2021, Musk authorized the sale of $272 million in bitcoin, making $128 million in profit as bitcoin rose to nearly $62,000, according to data from The Block.

Tesla also sold $936 million worth of coins in Q2 2022, earning $64 million.

The company will release its third-quarter financial results after the market close on October 23.
Bitcoin remains high on Wednesday, trading near its late-July highs of $67,800 the day before.