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Tesla under Elon Musk is said to be on the verge of investing in Bitcoin once again. From talks in crypto forums and social media, the electric car giant is said to buy another $3 billion worth of BTC. On top of that, it has its current holdings of 11,509 BTC, estimated at about $1.24 billion, based on data from the on-chain analytics tool Arkham Intelligence.
Tesla hasn’t sold any of its BTC since Bitcoin hit new all-time highs recently. This indicates that the company isn’t looking to take profits in the short term but is rather holding on to its assets in anticipation of a long-term bullish surge for the cryptocurrency.
Up until this point, there has not been an official announcement from Tesla on the alleged purchase. Nonetheless, the firm already has Coinbase Prime Custody in place to keep its ownership of Bitcoin secure, demonstrating it’s got the infrastructure to handle such sizeable crypto holdings.
Tesla stunned the world in early 2021 with its $1.5 billion BTC purchase, which set Bitcoin on the road to mainstream investment fame. This second round of possible investment would once again demonstrate Tesla’s faith in Bitcoin’s long-term worth.
Also Read: Elon Musk Confirms X Money Beta Testing, Promises Innovative Features for 2025 Debut
Elon Musk has kept his presence in the crypto arena strong. He has also tweeted on many occasions in favor of Dogecoin and has accepted Bitcoin as a form of payment for Teslas in the past. There has been more recent speculation about bringing Bitcoin into X Money, a financial app Musk is building as part of his X platform.
In January, there were rumors that BTC would be included in X Money’s payment methods. This followed shortly after Tesla announced a Q4 net income of $600 million, said to have been driven by Bitcoin gains. These are signs that Musk is still heavily invested in the future of crypto, both personally and through his business ventures.
Musk has also said that he is leaving a short-term government position in the Trump administration. He has been working as a Special Government Employee with the Department of Government Efficiency (DOGE), which is a federal program for reducing wasteful government spending.
At the same time, parent company Trump Media & Technology Group is also venturing into Bitcoin. The company said it will raise $2.5 billion, $1.5 billion in equity and $1 billion in zero-coupon convertible bonds, to invest in BTC.
As Trump Media goes into the crypto arena, Musk and Tesla are set to double down and reinforce their roles as significant players in the Bitcoin market.
