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Tesla’s Bitcoin Holdings Surpass $1 Billion Again Amid Crypto Rally

Tesla’s Bitcoin Holdings Surpass $1 Billion Again Amid Crypto Rally

CryptodnesCryptodnes2024/11/12 16:33
By:Cryptodnes

Tesla's early investment in Bitcoin has turned out to be a profitable move, with the automaker’s cryptocurrency holdings now exceeding $1 billion.

Currently, Tesla owns 11,509 BTC, whose value has surged as Bitcoin reached an all-time high of $89,560, according to Arkham Intelligence .

In 2021, Tesla announced a $1.5 billion Bitcoin purchase, aiming to diversify its assets and enhance returns, as stated in an SEC filing. As of November, Tesla’s Bitcoin holdings have yielded nearly $495 million in gains, boosted by the cryptocurrency’s revival this year.

This increase stems from Bitcoin’s rally rather than any recent purchases by Tesla. Bitcoin’s market cap has also reached $1.75 trillion, surpassing silver in global rankings, as institutional enthusiasm grows with anticipation of U.S. Bitcoin ETFs and a favorable political landscape.

READ MORE:
Small Nation’s Bitcoin Holdings Surpass $1 Billion Amid Market Surge

Tesla’s stock has mirrored this momentum, rising 8% in after-hours trading to $350. Over the past month, Bitcoin’s value climbed by more than 40%, now trading around $88,768.81. Since the election, Tesla’s market cap has jumped nearly 39%, boosting Elon Musk’s net worth to $320 billion.

Tesla transferred its Bitcoin last month, a move analysts believe was only a routine wallet reorganization, not a sale. This marked the first activity in two years, with Tesla shifting around $765 million in Bitcoin to several new wallets, which are still linked to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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