Tesla's Bitcoin (BTC) holdings are now worth around $1.25 billion

Blockchain analytics platform Arkham Intelligence has revealed that Tesla Inc.'s Bitcoin (BTC) holdings are now worth around $1.25 billion

Arkham Intelligence, a blockchain analytics platform, has revealed that Tesla Inc.’s Bitcoin (BTC) holdings are now worth around $1.25 billion.

At press time, one Bitcoin is trading at $108,929.10, showing a 2.02% decrease in the last 24 hours. At this price level, 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 currently holds $1,257,345,294.56 in Bitcoin, while its stock price stands at $284.46. The firm is known to be using Coinbase Prime Custody as its custodian for this massive holding.

As seen in the image shared by Arkham, Tesla’s Bitcoin holding is valued at around $1.25 billion, and the platform has provided a running total of the coin’s price over the past 24 hours. The total value of Bitcoin held by Tesla changes rapidly as the coin’s price fluctuates.

Earlier this year, a report by Glassnode indicated that Bitcoin had generated $11.8 billion in unrealized income for publicly listed companies in the United States.

At the beginning of the year, Strategy Inc. was leading the way with an active Bitcoin accumulation strategy, boasting 576,230 units of the top coin.

Recently, the company added 7,390 BTC to its portfolio for $764.9 million, and almost immediately after the purchase, MSTR stock price rallied above $400, even though the firm was facing a class action suit at the time.

Meanwhile, Metaplanet has been consistently adding to its cryptocurrency holdings. Having already acquired 7,800 Bitcoin, the company is now at 78% completion of its planned 10,000 BTC acquisition.

Like Strategy, its 3350.T stock also recorded a 15% price surge when it recently purchased 1,004 BTC.

In other news, several States in America are showing urgency to integrate a Bitcoin strategy, especially after 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 now passed the Bitcoin reserve Bill, which is considered a historic move in the country. New Hampshire has also passed the same Bill, and it is expected that more States will follow suit soon.

The post Tesla's Bitcoin Holdings Now Worth $1.25 Billion, Shows Arkham Analysis appeared first on Benzinga.