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Elon Musk’s Tesla Now Holds Over $1B in Bitcoin

Elon Musk's car company has seen its Bitcoin portfolio grow from $765 million in mid-October to over $1 billion.

As bitcoin’s price continues to hit new peaks over the past week, its believers are enjoying the ride, with their portfolios seeing substantial gains.

According to Arkham Intelligence, Elon Musk’s Tesla currently holds 11,509 BTC worth more than $1 billion in the current market price.

Tesla’s Bitcoin Portfolio Hit $1B

Notably, the Bitcoin portfolio has increased 31% from $765 million in mid-October to $1 billion today.

The latest surge comes as the price of BTC continues to hit new peaks since the US election outcome last Tuesday. Bitcoin has surged from a new all-time high of $71,000 to $75,000 to 80,000 and is worth $89,864 when writing this line. Alongside Donald Trump’s victory, the price of BTC has been sponsored by Fed interest rate cuts and strong inflows into spot Bitcoin ETFs.

Tesla revealed its first BTC purchase in February 2021. At the time, the electric car maker acquired $1.5 billion worth of BTC and sold 4,320 BTC and 29,160 BTC the following year. The company briefly accepted BTC as a car payment method, marking the first major company to do so. However, it stopped accepting BTC in 2021, citing the digital asset’s environmental concerns.

While Tesla’s Bitcoin portfolio has grown to a billion dollars, it could have been worth more if it had not offloaded some of its holdings. However, Tesla remains one of the largest BTC holders. According to Bitcoin Treasuries, Tesla is the fourth public company with the most Bitcoin holdings, trailing MicroStrategy, Marathon Digital, and Riot Platforms.

Long-Term HOLDLers Always Win

The latest development shows that long-term HODLers always win. CoinTab recently reported that MicroStrategy’s portfolio increased to $22.98 billion, marking an ROI of 100%. The company adopted the Bitcoin strategy in August 2020 and has since continued to buy the digital asset.

During an interview with CNBC, MicroStrategy strategy’s executive chairman Michael Saylor said no one has held BTC for four years and lost.

Lucky Ebosele

Lucky Ebosele is an avid writer covering cryptocurrencies and blockchain tech since 2021. He is constantly researching the latest trends and developments in the space. Away from crypto, he loves everything football.