Tesla’s Bitcoin Investment Soars Beyond $1B Amidst Crypto Rally
Tesla’s Bitcoin investment has now surpassed the $1 billion milestone. This comes as the cryptocurrency continues its impressive surge following the election, delivering a substantial $495 million profit for Elon Musk’s electric vehicle company, Tesla.
The automaker made waves in February 2021 when it initially invested $1.5 billion in Bitcoin. This move was one of the largest institutional cryptocurrency purchases at the time. Despite selling portions of its holdings in 2021 and 2022, Tesla has managed to retain approximately 9,720 Bitcoins. This makes it the fourth-largest corporate Bitcoin holder, even surpassing Coinbase.
Bitcoin’s value has rallied by over 20% since Trump’s election victory. The cryptocurrency even briefly surpassed $93,000 for the first time this week. Market confidence has been bolstered by expectations that Trump’s crypto-friendly administration will bring about favorable regulatory changes in the digital asset space.
Tesla’s Bitcoin windfall underscores the growing acceptance of cryptocurrencies as corporate treasury assets. It also highlights the potential rewards of adopting long-term digital asset strategies. This surge has also pushed Elon Musk’s net worth beyond the $300 billion mark. This is partly due to the optimism surrounding regulatory developments under the new administration.
Source: https://finance.yahoo.com/news/teslas-bitcoin-bet-pays-off-170042123.html