Following the launch of Bitcoin spot ETFs earlier this year on January 11, Elon Musk’s electric vehicle firm, Tesla, has made an impressive profit of more than $230 million from its investment in Bitcoin.
On-chain investigators found this when they looked into Musk’s other company, SpaceX, and Tesla’s digital wallets; they discovered Bitcoin with a combined value of almost $1 billion.
The Bitcoin holdings of Tesla are worth $760 million, according to data from Arkham Intelligence. This is a gain of more than $230 million in only three months. The new U.S.-based spot Bitcoin ETFs have contributed to a purchasing trend, which has driven up the price of Bitcoin, which hit $69,000 on Coinbase earlier this week—a level not seen since November 2021.
Upon the introduction of the ETFs, the price of bitcoin dropped briefly to the $39,000 region before quickly recovering and rising beyond $50,000 by the middle of February. Before that, it had been holding around $45,000.
Bitcoin Treasuries had previously calculated in January that Tesla had around 9,720 BTC in Bitcoin. However, Arkham experts have since changed this number to 11,509 BTC. This is an increase of 1,789 BTC over Tesla’s last earnings release.
Tesla put $1.5 billion into Bitcoin in February 2021. Tesla ultimately decided against the temporary acceptance of Bitcoin as payment for automobile purchases.
Tesla has already divested itself of 10% of its Bitcoin holdings in March 2021 and 75% in the second quarter of 2022. In spite of these transactions, Tesla’s present Bitcoin holdings are worth an impressive amount.
Following the launch of BTC spot ETFs in January, SpaceX generated gains of almost $165 million. Bitcoin investments made by SpaceX have recovered, and the company is now showing a profit of $132 million after the market went wild in November, when Bitcoin values almost doubled from about $35,000. At the same time, data from Arkham indicates that Tesla’s earnings has exploded to $455 million.
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