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.

AccessTimeIconFeb 8, 2021 at 7:24 p.m. UTC
Updated Sep 14, 2021 at 12:08 p.m. UTC

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.

  • 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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Read more about