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Tesla’s $1.5B Bitcoin hoard lands it among the top six publicly-traded companies with the largest BTC holdings

Tesla's 43,000 Bitcoins make it the second-largest Bitcoin holdings among publicly-traded firms.

Image by Blomst from Pixabay

Thu, 11 Feb 2021, 07:16 am UTC

Just days after Elon Musk expressed his support for Bitcoin, Tesla surprised the crypto community with the revelation of its massive BTC hoard. The electric carmaker is now among the top publicly traded companies with the largest holdings of the cryptocurrency.

In its latest Form 10-K filing with the SEC, Tesla revealed on Monday that it owns around $1.5 billion in Bitcoin. The crypto’s price surged with the revelation as BTC established with a new all-time high with it soared past $48,000 late Monday before settling down to $44,665 at the time of writing based on Coinmarketcap data.

While the carmaker made waves with its entry into crypto, it’s not the first publicly-traded company to invest in Bitcoin, according to Bloomberg. The honor belongs to Microstrategy, which bet big on BTC back in 2020 and also holds the record of having the largest Bitcoin portfolio among publicly-traded firms.

However, Tesla’s $1.5 billion BTC hoard is sizable enough to land the firm among the top five. With its 43,000 BTC, Tesla is second only to Microstrategy’s 71,079 BTC.

At the third spot is Galaxy Digital with its crypto holdings of 16,402 BTC. Meanwhile, Mass Mutual (5,300 BTC), Marathon Patent (4,813 BTC), and Square 4,709 BTC) are ranked fourth, fifth and sixth respectively.

Four of the top six companies have businesses that are not focused on cryptocurrency. For instance, Microstategy is focused on business intelligence, software, and cloud, Tesla is mainly a clean energy and electric car manufacturer company, Mass Mutual is a Massachusetts-based life insurance company and Square Inc. is a financial services and mobile payments firm.

The list also excludes what Bitcoin Treasuries.org describes as “ETF-like” companies. One such company is Grayscale, which has over 600,000 Bitcoins valued at almost $30 billion.

Tesla’s Bitcoin acquisition is part of the company’s new investment policy aimed at maximizing returns. “We invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term,” Tesla said in its filing. “Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.”

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