Over the years of its existence, an array of firms entered the cryptocurrency market. The industry soon went from being associated with the dark web to the balance sheets of top companies across the globe. This shift was further fueled by governments endorsing Bitcoin (BTC). As Elon Musk joined Donald Trump in the US government, the community was expecting a more amicable stance towards cryptocurrencies in the country. Amidst this, the community was keen on witnessing the changes in Tesla’s BTC holdings.

Also Read: Ripple and Cardano Alliance Imminent – Will U.S. Gov Fuel Crypto Surge?

Tesla’s Bitcoin Stash Remains Steady

Bitcoin BTC Tesla
Source: The Independent

According to Tesla’s Q4 2024 financial report, which was made public on January 29, the company’s Bitcoin assets are currently valued at more than $1 billion. Compared to the previously stated $184 million, this is a significant increase. Bitcoin Treasuries reports that the corporation presently owns 9,720 BTC which was valued at $1.076 billion as of the end of 2024. This also reveals that the firm did not sell any of its Bitcoin during the last quarter of 2024.

It should be noted that Tesla first purchased Bitcoin back in the year 2021. The company bought a staggering 42,902 BTC. But Tesla’s interest in the king coin soon dipped as the firm sold 75% of its holdings in 2022. With its current holdings, Tesla is the sixth-largest publicly traded company to own BTC on its balance sheet.

Tesla’s latest report is making headlines for a reason. Corporate owners of digital assets must start marking those assets to market every quarter by the first quarter of 2025, according to a new regulation issued by the Financial Accounting Standards Board (FASB). Before then, companies might choose to use the new regulation as they see fit, which is what Tesla has done.

Also Read: Shiba Inu To Drop “Biggest Announcement Yet” What Could It Be?

Looking Into The BTC Market

Source: CoinMarketCap

The world’s largest cryptocurrency was recently in a rut. But at press time, Bitcoin was trading at $105,199.08 following a 2.51% rise over the past 24 hours. In addition, it should be noted that BTC rose all the way to a high of $109,114.88 earlier this month. Taking its current price into consideration, Tesla’s BTC stash is currently valued at $1.02 billion.

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