Tesla has continued to hold 8,430 bitcoin, data showed. The amount held has not changed much, but valuation has increased about 3.8 times over four years on higher prices.

On Oct. 13 (local time), blockchain media outlet U.Today reported that on-chain analytics firm Arkham Intelligence put Tesla's bitcoin holdings at 8,430 as of that day. As some large holders cut positions amid rising market volatility, Tesla has kept most of its existing holdings over the past four years.

Tesla established itself as a major corporate holder after disclosing in February 2021 that it had bought bitcoin. The purchase totaled $1.5 billion, about 2 trillion won. Within weeks, bitcoin prices surged and the value of its total holdings rose above $2.0 billion, about 2.68 trillion won, and at one point expanded to around $2.5 billion, about 3.35 trillion won.

Tesla has not held on to all of what it initially bought. It sold 4,670 bitcoin in 2021 and sharply reduced its holdings in 2022 as market turmoil intensified following the May collapse of Luna. Some selling and repurchasing followed, but holdings have generally stayed at around 8,430 bitcoin.

Valuation changed sharply as it held the remaining amount over the long term. The value of 8,430 bitcoin, about $250 million in 2022, has risen to around $960 million recently, about 1.29 trillion won. The valuation increased by about $710 million, about 950 billion won, over four years, reaching about 3.8 times the level at the time.

The rise in valuation reflects higher bitcoin prices rather than an increase in the number of coins held. The current bitcoin price is far higher than when Tesla first bought in 2021, and Tesla is recording substantial valuation gains.

The $710 million increase is a comparison of asset values in 2022 and now, and is not profit realised through sales. To calculate actual investment gains and losses, the acquisition cost of the remaining holdings and past sales would also need to be considered. The valuation of current holdings could also change depending on future bitcoin prices.

That holdings did not change much despite market volatility shows Tesla has maintained a long-term holding stance for its remaining bitcoin. It sold part of the position after a large purchase, but by keeping the remaining holdings it is still described as one of the major bitcoin-holding listed companies.

It is difficult to interpret the valuation increase as the result of aggressive additional investment by Tesla. In recent years, the notable change has been in the rise in value of existing assets rather than new purchases. The focus going forward is on whether Tesla will continue to maintain its current holdings or adjust the size again depending on market conditions.