Tesla, Inc., the EV giant, is reportedly planning to add more Bitcoin (BTC) to its balance sheet. According to latest discussions on social media, the Elon Musk-backed company is set to purchase an additional $3 billion worth of BTC soon. It already HODLes over $1.2 billion of Bitcoin.
Will Tesla Buy More Bitcoin?
As per data from Arkham Intelligence, an on-chain data monitoring platform, Tesla currently holds 11,509 BTC, valued at $1.24 billion. The company has stayed bullish on the BTC price as they have held onto their holdings since a few quarters ago.
Despite the latest all-time high for BTC, the tech firm didn’t sell off any of its holdings to reap profits. Hence, them planning to acquire more Bitcoin could be a move to further solidify their bullish outlook for BTC. However, as of yet, there has been no official confirmation from Tesla yet.
For further context, the firm uses Coinbase Prime Custody to keep its. Bitcoin treasury safe. It’s no surprise that the recent $3 billion rumors are surfacing given its gigantic $1.5 billion Bitcoin purchase in the first quarter of 2021.
Meanwhile, Elon Musk has also explored how cryptocurrencies like Bitcoin and Dogecoin (DOGE) could be used in his ventures. Also, in January, speculation grew around the possibility of Bitcoin integration into Musk’s X Money platform, following news that BTC contributed to Tesla’s Q4 net income reaching $600 million.
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