Tesla Stock Surges 8% Post-Market as Bitcoin Holdings Exceed $1 Billion
The value of Telsa's Bitcoin holdings has more than doubled since the start of this year amid a heady resurgence in crypto.
Electric vehicle company Tesla’s strategic bet on Bitcoin is proving lucrative, with the company now holding over $1 billion worth of the world's largest crypto.
The automaker currently holds 11,509 BTC, which has appreciated significantly in value as Bitcoin hit an all-time high of $89,560, as per data from blockchain analytics firm Arkham Intelligence.
In February 2021, Tesla announced it bought $1.5 billion worth of Bitcoin for “more flexibility to further diversify and maximize returns on our cash” in a filing with the U.S. Securities and Exchange Commission.
The value of Telsa's Bitcoin holdings has more than doubled since the start of this year amid a heady resurgence in crypto, climbing to $495 million in profit by early November, Arkham data shows.
