Tesla’s Bitcoin holdings hit $1 billion amid bull run

Source: Crypto Briefing

Tesla’s Bitcoin holdings have surpassed $1 billion in value amid the recent crypto market rally, according to data from Arkham Intelligence.

The electric vehicle manufacturer currently holds 11,509 Bitcoin on the Coinbase Prime platform, valued at approximately $1 billion at current prices.

The company’s Bitcoin portfolio has grown by $96.7 million in recent days, pushing it back into unrealized profit territory.

Tesla initially invested $1.5 billion in Bitcoin during the first quarter of 2021, though it has made several sales since then that previously pushed the portfolio below the $1 billion mark.

The Q3 earnings report confirmed that Tesla has maintained its Bitcoin holdings, which have benefited from Bitcoin’s recent surge to $89K, marking a 9.5% increase over the past 24 hours after reaching multiple all-time highs.

The company moved its entire Bitcoin holdings last month in what analysts consider a wallet rotation rather than preparation for sales.

Arkham Intelligence reported that Tesla’s Bitcoin had been dormant for nearly two years until October 15, when approximately $765 million worth of Bitcoin was transferred to seven new wallets believed to remain under Tesla’s control.

Go to Source
Author: Estefano Gomez