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Tesla's Buying of Bitcoin Briefly Made Bitcoin More Valuable Than Tesla
The cryptocurrency was more valuable than all but seven of the world's publicly traded companies.
The market valuation of bitcoin briefly exceeded that of Tesla after the electric automaker announced Monday it had purchased $1.5 billion of the largest cryptocurrency for its treasury.
STORY CONTINUES BELOW
- After Tesla filed its annual report with the U.S. Securities Exchange Commission disclosing the purchase, shares of bitcoin took off, setting a new all-time high of $44,801.87.
- Bitcoin's market value naturally rose as well, increasing to $834.2 billion and making the cryptocurrency more valuable than all but seven of the world's publicly traded companies, just ahead of Tesla with its market cap of $820.7 billion.
- The price of bitcoin has since given back some of its gains, trading hands at press time at $42,964.05, up 11.78% in the last 24 hours.
- That retreat has allowed Tesla to reclaim the seventh spot, leaving bitcoin in eighth place, still ahead of Facebook ($756.4 billion), which the cryptocurrency also passed on Monday.
Read more: Ex-OCC Chief Brooks Calls Tesla’s Bitcoin Buy a Bit ‘Scary’ for Rest of World
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
