Tesla's Bitcoin Holdings Near $1 Billion Amid Crypto Rally
Tesla's Bitcoin holdings are now just shy of $1 billion, according to recent data. The electric vehicle maker holds 11,509 BTC, which is worth approximately $997.8 million at current prices.
This value represents a gain of around $122.6 million over the past week due to Bitcoin's price appreciation, not from any new purchases. Tesla has held onto this position for about four years, and its value has fluctuated significantly during that time.
The company is now among the largest publicly listed companies with Bitcoin holdings globally, ranking 11th on data from BitcoinTreasuries. The recent rally in Bitcoin has also sparked mixed signals from market indicators, with Cryptoquant's analyst Axel Adler Jr. stating that the Bitcoin Regime Score indicator does not currently confirm a sustained bullish regime.
Bloomberg strategist Mike McGlone has questioned whether Bitcoin's earlier low near $60,000 marked the bottom of the current cycle, citing concerns about competition for non-income-producing assets from the US Treasury 10-year yield's move above 5% in 3Q.