Crypto Weekly: 2/17/2021
As we noted last week, Tesla recently announced it had added $1.5 billion of Bitcoin to its balance sheet. The announcement came less than two weeks after Elon Musk added #Bitcoin to his Twitter bio, an act that caused a huge buzz amongst crypto enthusiasts. Tesla’s Bitcoin purchase adds to the growing list of public companies that are buying and holding Bitcoin in their treasuries.
Source: https://bitcointreasuries.org/
Excluding Tesla, public corporate treasuries currently account for approximately 104,716 Bitcoin or 0.5% of the 21 million total supply cap. Although it has not been reported exactly how many Bitcoin Tesla purchased, we can assume that the purchases were made in January because that was when Tesla amended its investment policy. In January, Bitcoin traded in the range between $27,734 and $42,000 on Coinbase. Assuming Tesla’s purchases averaged the mid-point of the range at ~$35,000, Tesla accumulated about 43,000 Bitcoin with its $1.5 billion investment. Tesla’s Bitcoin position is the second largest public treasury holding behind MicroStrategy, which is currently holding over 71,000 Bitcoin in its treasury.
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