Elon Musk’s Tesla Still Bullish On Bitcoin, Holds $1.25B BTC

Blockchain analytics platform Arkham Intelligence has revealed that Tesla Inc.’s Bitcoin (BTC) holdings are now worth around $1.25 billion. With this size of its BTC bag, the Elon Musk-owned automaker and its founder are now confirmed HODLers of the top coin. General sentiment hints at how bullish the firm is on the flagship cryptocurrency. 

Tesla Bitcoin Holdings Show Elon Musk is Bullish

As revealed on X by Arkham Intelligence via a screenshot, Tesla currently holds $1,257,345,294.56 worth of Bitcoin. One unit of Bitcoin is currently trading at $108,929.10, following a 2.02% drawdown in the last 24 hours. At this price level, the car manufacturer holds around 11,900 BTC. 

The firm is leveraging Coinbase Prime Custody as its custodian for this massive holding. It is hardly surprising that Tesla holds such a Bitcoin bag. The company stunned the broader market when it bought $1.5 billion worth of the coin in Q1 2021.

Elon Musk has often considered integrating crypto, including Bitcoin and Dogecoin (DOGE), into his businesses. In January, there were increasing speculations that Elon Musk’s X Money will integrate Bitcoin after the crypto pushed Tesla’s Q4 net income to $600 million. 

Corporate BTC Accumulation Trend in the US

Beyond Tesla, it is no longer news that traditional firms are racing to include crypto assets in their financial portfolio. Most of these firms have watched how Bitcoin has made millions of dollars in unrealized income for their counterparts. Strategy Inc. currently tops the organizations with an active Bitcoin accumulation strategy. 

It boasts up to 576,230 units of the top coin after a recent purchase of 7,390 BTC for $764.9 million. Almost immediately after the purchase, MSTR stock price rallied above $400, even though the firm was facing a class action suit at the time.

Metaplanet has borrowed a leaf from Strategy’s Bitcoin playbook, consistently adding to its holdings. With 7,800 Bitcoin in its portfolio, it has now achieved 78% of its 10,000 BTC acquisition plans. Like Strategy, its 3350.T stock also recorded a 15% price surge when it recently purchased 1,004 BTC.

American States and the Bitcoin Reserve Push

Alongside public and private institutions, several States in America are showing urgency to integrate a Bitcoin strategy. 

This trend has intensified since Donald Trump stepped into the White House for the second time earlier this year. He went in with a vision to establish a strategic Bitcoin reserve, and a few cities in the United States have passed the bill for this rare financial strategy.

Texas has passed the Bitcoin reserve Bill, which is considered a historic move in the country. New Hampshire has done the same, and it is expected that more States will follow suit soon.