Tesla’s Bitcoin holdings valuation surpasses $1 billion; the profits stand at over $490 million
The post Tesla’s Bitcoin holdings valuation surpasses $1 billion; the profits stand at over $490 million appeared on BitcoinEthereumNews.com.
Elon Musk’s Tesla has achieved over $1 billion in valuation for its Bitcoin holdings. The vehicle production company, which had accumulated 11,509 BTC, has now achieved approximately double the valuation of its BTC holdings compared to the beginning of the year. The company also boasts approximately $495 million in profits from its BTC investment. The EV maker was one of the big companies that invested heavily in crypto in Bitcoin in 2021. At the time, the company made a $1.5 million investment in the king coin. Tesla mentioned in a U.S. SEC filing that its BTC investment aimed to diversify and increase the company’s returns. The company also made BTC a payment option for its customers, diversifying its payment options. The vehicle manufacturing company’s recent profits majorly come from the cryptocurrency hitting new price levels after the November 5 presidential elections. The current valuation is notably nearly double what Tesla recorded at the beginning of this year. The crypto market has been making new strides since Trump’s win in the presidential elections, with BTC managing several new all-time highs in the past week. Today, the coin hit $89,956, with many analysts expecting it to cross $90,000 soon. Bitcoin has gained 24.58% in the past seven days and approximately 5.82% at the time of writing. The coin’s current price stands at $87,195. Tesla stocks also skyrocket along with its BTC holdings valuation Going to be an interesting day for Tesla stock. pic.twitter.com/Qzdg1O79iT — Barbara (@BMT094) November 11, 2024 Tesla stocks joined the upward momentum of the crypto community, gaining 8% yesterday before dropping slightly today. The stocks, which gained over 40% since Trump’s election as the 47th U.S. president, are expected to add over $80 billion to the company’s valuation. The current Tesla stock price is $339.28, down $10.72 at about…
Filed under: News - @ November 12, 2024 5:26 pm