Tesla, the renowned electric vehicle manufacturer, has seen the value of its Bitcoin assets surpass the $1 billion mark, according to recent reports from Arkham Intelligence. This milestone comes amid a wave of appreciation in the cryptocurrency market, which has drawn diverse attention to the company’s strategic moves.
Tesla currently holds 11.509 Bitcoins, all held on the Coinbase Prime platform, valued at around $1 billion, according to current market prices. This $96.7 million growth in its portfolio in recent days not only reaffirmed its value but also marked the return of unrealized profit for the company.
Tesla’s journey with Bitcoin began in Q1 2021 with an initial investment of $1.5 billion. Since then, despite several sales that temporarily reduced the value of its portfolio to below $1 billion, the company has maintained a significant position in cryptocurrencies.
In its Q2 earnings report, it was confirmed that Tesla held its Bitcoin holdings, which benefited significantly from Bitcoin’s recent rally to $10 million. This 24% gain in the past 24 hours, after hitting multiple all-time highs, was a strong indication of the market’s positive momentum.
Additionally, Tesla reorganized all of its Bitcoin holdings last month, a move that analysts interpret as a wallet rotation rather than necessarily preparation for future sales. “Tesla’s Bitcoin holdings had been dormant for nearly two years until Oct. 15, when approximately $765 million in Bitcoin was transferred to seven new wallets believed to be under Tesla’s control,” a report from Arkham Intelligence said.
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