Tesla's Bitcoin Holdings Soar to Nearly $1 Billion as BTC Surges
Tesla's Bitcoin holdings have grown significantly in value over the past week, reaching $994.90 million and getting close to the $1 billion mark.
This increase is due to the rising price of Bitcoin, which has risen by around 14% over the same period.
Tesla holds 11,509 BTC, a number that has remained steady for four years since it first disclosed its major entry into Bitcoin in early 2021. The company initially invested $1.5 billion in the cryptocurrency and even briefly allowed customers to purchase vehicles using Bitcoin before ending this payment option later that year.
Following this initial investment, Tesla reduced its position by converting a significant portion of its holdings into traditional currency in 2022, resulting in proceeds of approximately $936 million from the sale. Despite these reductions, the company has retained a smaller Bitcoin treasury, which now stands at 11,509 BTC.