Tesla Bitcoin holdings have jumped significantly and are now worth more than $1.2 billion to accommodate ongoing corporate interest in the coin.

Blockchain analytics platform Arkham Intelligence has revealed that Tesla Inc. ’s Bitcoin (BTC) holdings are now worth about $1.25 billion.

With this size of its $BTC bag, the Elon Musk-owned carmaker and its founder are now confirmed HODLers of the top coin. General sentiment indicates how bullish the firm is on the flagship cryptocurrency.

Tesla Bitcoin Holdings Show Elon Musk Is Bullish

As revealed by Arkham Intelligence via a screenshot on X, Tesla currently has $1,257,345,294.56 worth of bitcoin.

One unit of Bitcoin is currently trading at $108,929.10 after a 2.02% decrease in the last 24 hours. At that price level, the carmaker holds about 11,900 $BTC .

The firm is leveraging Coinbase Prime Custody as its custodian for this massive holding. It's hardly surprising that Tesla has such a bitcoin bag.

The company stunned the broader market when it bought $1.5 billion worth of the coin in Q1 2021.

Elon Musk has often considered integrating crypto, including Bitcoin and Dogecoin (DOGE), into his business.

In January, speculation was rife that Elon Musk's X-Money would merge with Bitcoin after the crypto pushed Tesla's Q4 net income to $600 million.

Corporate BTC Accumulation Trend in the US

Beyond Tesla, it’s no longer news that traditional firms are racing to add crypto assets to their financial portfolios.

Most of these firms have seen how Bitcoin has generated millions of dollars in unrealized revenue for their counterparts.

Strategy Inc. currently leads the way among organizations with an active Bitcoin accumulation strategy.

It boasts up to 576,230 units of the top coin after its recent purchase of 7,390 $BTC for $764.9 million. Almost immediately after the purchase, MSTR stock rose above $400, even though the firm was facing a class-action suit at the time.

Metaplanet has borrowed a leaf from Strategy’s Bitcoin playbook, steadily increasing its holdings.

With 7,800 Bitcoin in his portfolio, he has now achieved 78% of his 10,000 BTC acquisition plans. Like Strategy, its 3350.T stock also recorded a 15% increase in price when it recently bought 1,004 BTC.

US States and Bitcoin Reserve Push

Along with government and private institutions, several states in the US are showing a rush to coordinate Bitcoin strategies.

The trend has intensified since Donald Trump entered the White House for a second term earlier this year. He went with the vision of establishing a strategic bitcoin reserve, and a few cities in the United States have passed the bill for this rare financial strategy.

Texas has passed the Bitcoin Reserve Bill in what is being considered a historic move in the country. New Hampshire has done the same, and more states are expected to follow suit soon.

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