According to recent reports from Arkham Intelligence, Tesla, the well-known electric vehicle manufacturer, has seen the value of its Bitcoin assets exceed $1 billion. This achievement comes at a time when the cryptocurrency market is experiencing a surge in value, attracting attention to the strategic moves made by the company.
Currently, Tesla holds 11,509 Bitcoins, all of which are stored on the Coinbase Prime platform, with a value of approximately $1 billion based on current market prices. The recent growth of $96.7 million in its portfolio not only reaffirms its value but also brings back unrealized profits for the company.
Tesla’s involvement with Bitcoin started in Q1 2021 with an initial investment of $1.5 billion. Despite some sales that temporarily decreased the value of its portfolio to below $1 billion, the company has maintained a significant position in cryptocurrencies.
In its Q4 2021 earnings report, it was confirmed that Tesla still holds its Bitcoin holdings, which greatly benefited from the recent surge of Bitcoin to $10 million. This 24% increase in the past 48 hours, following multiple record highs, indicates a positive momentum in the market.
Furthermore, Tesla restructured all of its Bitcoin holdings last month, a move that analysts interpret as a rotation of wallets rather than necessarily preparing for future sales. According to a report from Arkham Intelligence, “Tesla’s Bitcoin holdings had been inactive for almost two years until October 15, when approximately $765 million in Bitcoin was transferred to seven new wallets believed to be under Tesla’s control.”
Tags: Tesla