Electric vehicle company Tesla's strategic bet on Bitcoin is paying off, with the company now holding the world's largest crypt, valued at more than $1 billion.
According to data from Blockchain Analytics, the automaker currently holds 11,509 BTC. Arkham Intelligence.
In the year In February 2021, Tesla announced that it was buying $1.5 billion worth of bitcoins to “get more return on our cash and generate higher profits.” Filing with the US Securities and Exchange Commission.
Telsa's bitcoin holdings have more than doubled since earlier this year, climbing to a $495 million profit in early November.
The increase in Tesla's bitcoin price is due to the rising price of the crypto rather than new acquisitions.
The top crypto pushed its market capitalization to $1.75 trillion on broad market enthusiasm. passing silver By international standards.
Amid institutional interest, optimism is swirling in the U.S. space, bitcoin exchange-traded funds, and market confidence is high following the re-election of pro-crypto President Donald Trump.
That brutal momentum rubbed off on Tesla shares, which rose 8 percent to $350 in afternoon trading, he said. Google Finance.
Last month, as the election season intensified, bitcoin surged more than 40 percent. It is currently trading at $88,768.81, up more than 9% in the last 24 hours. CoinGecko data.
After Trump's victory, Tesla's market value jumped nearly 39 percent, putting CEO Musk's personal fortune at $320 billion. Forbes.
Austin based company moved It's been a whole month of Bitcoin holdings, but analysts believe this is just a wallet spin, not a selling proposition.
Arkham Intelligence revealed that Tesla's bitcoin had been active for nearly two years as of October 15th. In a series of transactions, Tesla moved approximately $765 million worth of Bitcoin to seven new wallets, believed to still be under the company's control.
While Tesla's strategy is focused on maintaining its existing Bitcoin holdings, companies like MicroStrategy continue to expand significantly.
According to CEO Michael Saylor, Microstrategy recently obtained An additional 27,200 BTC, bringing the total stock to 279,420 BTC, worth more than $24 billion. Unlike Tesla, MicroStrategy's strategy reflects complete trust in Bitcoin as a major treasury.
Edited by Sebastian Sinclair.
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