Main navigation

Tesla Bitcoin Holdings Reclaim $1 Billion Threshold

Advertisement
Tue, 12/11/2024 - 10:17
Tesla Bitcoin Holdings Reclaim $1 Billion Threshold
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Even after about three years since it placed its bet on Bitcoin (BTC), Elon Musk’s electric vehicle manufacturer, Tesla, is still reaping the benefits of this bet. In an unsurprising twist, the company’s Bitcoin stash has reclaimed the $1 billion valuation milestone, according to data insights from Arkham Intelligence. This portfolio boost helps compensate for the previous sell-offs the firm has made recently.

Tesla and Bitcoin boom

Arkham Intelligence data shows that Tesla still HODLs 11,509 Bitcoin units on the Coinbase Prime platform. This holding is equivalent to exactly $1,003,680,252.55 at a price of $87,206. In a few days, the portfolio has grown by $96.77 million, setting it back into unrealized profit.

Related

Tesla entered its Bitcoin position in Q1, 2021, when it bought $1.5 billion worth of the coin. In the succeeding years, it made a few sales that pushed the portfolio below the $1 billion benchmark. As reported earlier by U.Today, Elon Musk confirmed that the firm has not sold its remaining Bitcoin stash.

This has turned out to be a good call, as the firm is now on the receiving end of the ongoing bull market rally. As of writing time, Bitcoin traded for $88,902.18, up 9.56% in the past 24 hours after breaching multiple all-time highs.

Motivation to buy more?

The performance of Bitcoin makes it easier for institutional investors to FOMO. Notably, amid the ongoing market rally, MicroStrategy acquired an additional 27,200 BTC units to increase its overall Bitcoin stash.

Related

Today, more institutional investment firms are buying more Bitcoin. Given this trend, it remains unknown whether Tesla will make an additional move to buy more of the coin. Rather than buying BTC directly from the spot market, investors are increasingly gaining exposure through spot Bitcoin ETF products.

Firms like Susquehanna Investment Group (SIG) and BNP Paribas are also exposed to BTC.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD