Bitcoin Tests $80,000, Tesla HODLs Bitcoin Treasury, and Strategy Makes Third Largest Purchase To Date

Takeaways

• Bitcoin tests $80,000 as crypto mirrors tech rally: The push higher came despite 47 consecutive days of negative funding rates, marking one of the longest bearish derivative streaks ever recorded. Still, bitcoin has benefited over the past few weeks from an influx in institutional participants, helping it push more than 23% higher since it dipped to around $63,000 in late February. Other top cryptocurrencies failed to mimic bitcoin’s rally this week, with ether and solana dropping about 2% and 0.75%, respectively, over the past 24 hours.
• Tesla HODLs bitcoin treasury in Q1: The bitcoin stash is worth nearly $900 million based on current prices. Tesla has had a bitcoin treasury since it acquired 43,200 BTC valued at about $1.5 billion in February 2021. But unlike some other corporate buyers, the electric carmaker has trimmed its exposure over the past five years, cutting its position to 9,270 BTC before a January 2025 purchase pushed their stack back to its current levels. In its latest earnings report, Tesla beat profit expectations but missed on revenue in the first quarter, with its stock pushing up slightly.
• Bitmine Immersion adds to ether treasury: Tom Lee’s ethereum treasury company now holds 4.97 million ether, with nearly two-thirds staked, generating about $221 million in annual revenue. Said Lee: "Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the 'mini-crypto winter.”
• Strategy makes third largest bitcoin purchase to date: It marked the bitcoin treasury company’s third largest purchase to date, pushing its total bitcoin holdings to 815,061 BTC. Funds for the purchase came via a preferred stock (STRC) and Microstrategy common stock sale. The average price for Strategy’s bitcoin purchases now sits at $75,527, putting their holdings back in the green with the top cryptocurrency’s push higher. After a prolonged slump, Strategy stock has jumped more 25% over the past month, trading at around $175 by mid-day Thursday.

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