Apple's Incoming CEO Mum on Crypto Investment Despite Soaring Prices

Apple's incoming CEO John Ternus has yet to comment on whether he agrees with his predecessor Tim Cook's stance on cryptocurrency. As of June 27, Apple held $146.5 billion in cash and marketable securities, but never invested in Bitcoin.

Cook first addressed the question at a New York Times DealBook event in November 2021. He revealed that he personally owns crypto, but stated that Apple wouldn't invest in it because people don't buy Apple stock for exposure to cryptocurrency.

Since Cook's statement, Bitcoin has set a record near $68,991 and currently trades at around $77,244, a 12% increase. Meanwhile, Apple shares have risen by about 82% from their 2021 closing price of $175.35 to Friday's close of $319.70.

Apple's services brought in $30.7 billion last quarter, and the company has explored using stablecoins to reduce settlement costs, although nothing has been confirmed or shipped yet.