Tesla's Bitcoin Stash Reclaims $1B Valuation Milestone as BTC Breaches New All-Time Highs
Even after about three years since it placed its bet on Bitcoin (BTC), Elon Musk's electric vehicle manufacturer, Tesla (NASDAQ:TSLA), is
Electric vehicle manufacturer Tesla (NASDAQ:TSLA) still holds a large stash of Bitcoin (BTC) despite selling off a portion earlier this year. According to data from Arkham Intelligence, the company's Bitcoin holdings have now surpassed the $1 billion valuation mark once again.
Tesla first entered the Bitcoin market in Q1, 2021, when it purchased a total of $1.5 billion in the coin. However, the company later sold off some of its BTC holdings, pushing the portfolio below the $1 billion benchmark. But recent surges in the price of Bitcoin have now seen Tesla's remaining BTC stash climb back above the $1 billion valuation.
This development comes as no surprise, especially considering that Bitcoin has been rallying to new all-time highs in recent weeks. At the time of writing, BTC is trading at $88,902.18, up 9.56% over the past 24 hours.
notably, institutional investment firms have been showing increasing interest in Bitcoin, driving up demand for the coin. While it is unclear whether Tesla will make an additional move to buy more Bitcoin, the company's earlier decision to hold on to the coin has certainly paid off. Investors are now able to gain exposure to Bitcoin through spot Bitcoin ETF (TSX:EBIT) products, rather than buying BTC directly from the spot market.
Susquehanna Investment Group (SIG) and BNP Paribas (EPA:BNPP) are among the institutional investors that are also exposed to BTC.
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