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Cryptocurrency News Articles
Tesla Doubles Down on Bitcoin, Boosts Holdings to 11,509 BTC
Feb 11, 2025 at 07:08 pm
This move reflects Tesla's continued confidence in Bitcoin's long-term value. While this might come as no surprise to those who have been following Tesla's
Electric car maker Tesla has disclosed in a recent filing with the U.S. Securities and Exchange Commission (SEC) that it increased its Bitcoin holdings to 11,509 as of December 31, 2024.
The filing shows that Tesla had 11,509 Bitcoin, valued at approximately $260 million at the time, compared to 9,750 Bitcoin as of June 30, 2024.
Tesla's average acquisition cost for its Bitcoin was around $30,100 per coin, and the fair value was $1.91 billion as of December 31, 2024, according to the filing.
The company had sold 75% of its Bitcoin holdings in the second quarter of 2023, generating net income of $936 million from the sales.
However, Tesla CEO Elon Musk later stated that the company would resume accumulating and holding Bitcoin.
"We sold a bunch of our Bitcoin in Q2 because we were uncertain about the COVID shutdowns in China and needed the cash," Musk said during a July 2023 earnings call.
"But we fully intended to restore our Bitcoin position, which we did in Q3. We increased our Bitcoin holdings slightly in Q3 and we expect to continue to hold Bitcoin."
Bitcoin experienced a strong rally in 2025, rising from around $16,000 at the beginning of the year to over $22,000 by March.
The cryptocurrency then continued to climb, reaching $28,000 by June and over $34,000 by September.
Bitcoin's price涨幅 later slowed down, but the cryptocurrency still managed to close the year at around $30,000, up significantly from its 2024 closing price of $16,400.
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- NYC's New Beat: Staking Systems, USD1, and Governance Drive Crypto's Next Wave
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- From lucrative USD1 earning events to robust governance models, the crypto sphere is buzzing with innovations reshaping how we engage with digital assets, focusing on long-term commitment and stablecoin utility.
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- OKX launches its Agent Payments Protocol (APP), an open standard for AI-driven commerce, enabling agents to manage full business cycles. Explore the implications for AI transactions and agentic payments.
