Tesla Shares Rally 3% Premarket as Bitcoin Holdings Exceed $1 Billion

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Tesla Shares Rally 3% Premarket as Bitcoin Holdings Exceed $1 Billion

Tiger Newspress11-12

Tesla Motors shares continued to jump nearly 3% in premarket trading on Tuesday while Direxion Daily TSLA Bull 2X Shares ETF rallied 5.3%.

The automaker currently holds 11,509 BTC, which has appreciated significantly in value as Bitcoin hit an all-time high of $89,560, as per data from blockchain analytics firm Arkham Intelligence.

In February 2021, Tesla announced it bought $1.5 billion worth of Bitcoin for “more flexibility to further diversify and maximize returns on our cash” in a filing with the U.S. Securities and Exchange Commission.

The value of Telsa's Bitcoin holdings has more than doubled since the start of this year amid a heady resurgence in crypto, climbing to $495 million in profit by early November, Arkham data shows.

Since Trump’s victory, Tesla’s market cap has jumped by nearly 39%, pushing CEO Musk’s personal wealth to an estimated $320 billion, according to Forbes.

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