Elon Musk’s vow that Tesla will hold onto its billion-dollar-plus investment in bitcoin is paying off as ETF excitement drives the coin’s price to highs not seen since April.
The electric-car maker now holds 42,902 bitcoin, according to Bitcoin Treasuries. It added $1.5 billion worth of the cryptocurrency to its balance sheet in February.
That investment is valued at $2.5 billion on Friday, after bitcoin climbed more than 3%, according to Coinbase data.
The price of the token touched $60,000 but has since slipped back to $59,310 – still its highest level in five months.
This is not the first time Tesla’s holding has added $1 billion in worth. Its fair value was almost $2.5 billion in March, the company said in an SEC filing.
Overall, the value of Tesla’s crypto investment has tracked the price moves for bitcoin since February.
The token has gained 23% over the past month on hopes the SEC will give the go-ahead for crypto exchange-traded funds.
A report Friday that regulators are ready to allow bitcoin futures ETFs to trade next week has boosted the price.
Tesla has sold only 10% of its bitcoin, and that was only to find out whether it was as liquid as cash on a balance sheet, Musk said.