Tesla, an electric vehicle manufacturing firm led by world-renowned billionaire entrepreneur Elon Musk, has retained its strong Bitcoin position as one of Bitcoin's major corporate holders over the years.
While frequent market volatility has driven many large holders off their positions, Tesla remains committed to its Bitcoin fortune, which has barely moved over the last four years.
Tesla holds 8,430 BTC
Although Tesla had earlier sold parts of its initial Bitcoin investment when it ventured into the crypto space around 2021, the latest data from the Arkham intelligence firm shows that the company still holds up to 8,430 BTC as of October 13.
Per Bitcoin's current market price, the company's current Bitcoin holdings are now worth about $960 million after surviving multiple periods of extreme volatility.
While the holdings have survived several months of market turmoil, the firm still boasts substantial paper gains, considering that Bitcoin was a lot cheaper when it initially bought in 2021. With its current holdings, Tesla remains one of Bitcoin's largest corporate holders.
Tesla's secured over $710 million in Bitcoin gains
At the time of its initial venture, Tesla made headlines in February 2021 when it joined the Bitcoin bandwagon after disclosing a Bitcoin purchase worth $1.5 billion.
Its Bitcoin purchase at that time delivered large gains as Bitcoin's price climbed massively some weeks later, causing Tesla's Bitcoin holdings to reportedly be worth more than $2 billion, and around $2.5 billion at one point.
Nonetheless, Tesla later reduced its exposure after it sold 4,670 BTC in 2021, and subsequently made other major moves during the May 2022 market turmoil associated with the LUNA crash.
After several occasions of dumping and buying more BTC tokens, Tesla's Bitcoin stash has remained around 8,430 BTC since 2022.
The stash, which was worth about $250 million at the time, is now worth about $960 million per Bitcoin's recent price, marking a gain of over $710 million in four years.
Arman Shirinyan
Dan Burgin
