Tesla’s Bitcoin Holdings Surpass $1.25 Billion

According to Arkham Intelligence, Tesla’s Bitcoin assets are now valued at more than $1.25 billion. This solidifies both the electric car maker and Elon Musk as dedicated long-term holders of the world’s leading cryptocurrency.

In a recent post on X, Arkham Intelligence reported that Tesla holds approximately 11,900 BTC, worth around $1,257,345,294.56.

Tesla first revealed its Bitcoin investment in early 2021, filing with the SEC that it had spent about $1.5 billion to buy 43,200 BTC and planned to accept Bitcoin payments. The company briefly allowed customers to buy cars with Bitcoin but stopped this option in May 2021. This move coincided with a Bitcoin price drop of over 10%, as well as a decline in Tesla’s stock price.

Musk explained the halt by citing environmental concerns over Bitcoin mining’s heavy use of fossil fuels, particularly coal. He acknowledged the potential of cryptocurrencies but emphasized that investments should not come at the cost of the planet. Critics, however, viewed Musk’s announcement as a market-influencing tactic.

In the second quarter of 2022, Tesla sold roughly 75% of its Bitcoin holdings, equivalent to $936 million, reducing its Bitcoin balance to 9,720 BTC. Musk clarified that this sale was driven by the company’s need for liquidity rather than Bitcoin’s market performance.

Since then, Tesla has increased its Bitcoin stash to around 11,900 BTC, valued at about $1.25 billion.

Beyond Tesla, other companies are also growing their Bitcoin portfolios. Strategy, for example, currently holds 576,230 BTC and made a recent purchase on May 19 of 7,390 BTC worth $764.9 million.

Metaplanet aims to reach a 10,000 BTC target and currently owns about 7,800 BTC. Following a recent purchase of 1,004 BTC, the firm’s stock price jumped 15%.

There’s increasing interest in Bitcoin reserves across the United States, with over 25 states proposing bills supporting Bitcoin reserve legislation. Texas and New Hampshire are among the first states to have passed such laws. Conversely, Arizona’s governor recently vetoed two crypto reserve bills, and Florida dropped its discussions.

At the federal level, 13 crypto-related bills are active, which could further encourage Bitcoin integration and the establishment of a Bitcoin reserve.

Earlier this month, President Donald Trump announced a strategic reserve proposal including five cryptocurrencies: Bitcoin, Ethereum, XRP, Solana, and Cardano. Following this announcement, Cardano surged more than 70%, Solana rose 20%, and XRP gained 30%. Bitcoin and Ethereum also saw gains exceeding 10%.

Trump has consistently promoted the idea that a digital asset reserve would strengthen the nation’s economy, curb inflation, and grow the crypto industry. On Truth Social, he declared, “I will make sure the US is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”