Electric car manufacturer Tesla has seen its Bitcoin (BTC) holdings grow in value to over $1 billion, according to a recent X post.
The ongoing boost in valuation reflects the market’s recent surge, with bitcoin trading above $86,100. As the price of bitcoin continues to rise, so does the value of Tesla’s BTC assets. The latest valuation rise also reflects crypto’s growing role in corporate financial holdings.
The electric car company currently holds 11,509 BTC, worth approximately $1 billion, which shows the firm’s ongoing commitment to its Bitcoin investment strategy despite the market’s recent pullback.
Tesla’s significant stake in Bitcoin reflects its confidence in the crypto asset as a long-term asset and aligns with investors who see digital assets as valuable alternative investments.
Tesla Invests $1.5M in BTC
Tesla’s Bitcoin investment started in early 2021 when the company bought BTC worth $1.5 billion, marking a groundbreaking step in the corporate world.
As one of the first prominent publicly traded firms to make such a high-profile entry into the crypto space, its investment has paved the way for other corporations to explore digital assets.
Since it commenced its acquisition spree, the electric car manufacturing firm has purchased bitcoin worth millions of dollars, enlarging its company’s portfolio.
The firm also briefly accepted bitcoin as a payment method for its vehicles but suspended the option over environmental concerns.
Tesla’s incorporation of Bitcoin into its financial strategy has positioned it as a distinctive force within the automotive and crypto industries.
With Tesla’s over $1 billion in Bitcoin holdings, the company’s position shows confidence in BTC as a long-term store of value and hedge against inflation.
Big Firms Acquiring BTC
The announcement comes after business intelligence firm MicroStrategy recently experienced substantial growth in its Bitcoin portfolio, exceeding $20 billion.
Like Tesla and MicroStrategy, other prominent firms have begun accumulating the leading crypto assets globally. The Japanese investment firm Metaplanet, known as “Asia’s MicroStrategy,” has expanded its Bitcoin holdings.
The company acquired 38.4 BTC, valued at around $2.1 million, cementing its position as a significant player in the crypto market.
Similarly, popular U.S. Bitcoin mining firm Marathon Digital is not left out. Between August 12 and August 14, the company purchased 4144 BTC worth approximately $249 million at an average price of $59,500 per coin.
The miner owns approximately 25,000 BTC, valued at about $1.5 billion, almost 0.12% of the total Bitcoin supply.
