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Tesla Inc. still owns about 11,900 BTC. At today’s rate of $108,929.10 per coin, that stash is worth roughly $1.257 billion. According to on-chain data shared by Arkham Intelligence on X, the electric car maker hasn’t budged from its HODL stance since its first big buy in Q1 2021.

Tesla’s Bitcoin Holdings Confirmed

Based on reports, Tesla keeps its coins with Coinbase Prime Custody. The move underlines the firm’s comfort with holding large amounts of Bitcoin.

A drop of 1% in the last 24 hours hasn’t prompted any sell-off. Back in 2021, Tesla spent $1.5 billion to buy Bitcoin. It later sold slices worth about $1.2 billion, but never fully cashed out.

Tesla now holds over $1.25 Billion of BTC.

Elon Musk is bullish on Bitcoin. pic.twitter.com/rNbzOP1QPJ

— Arkham (@arkham) May 23, 2025

Corporate Buyers Step In

More firms are piling into Bitcoin, and they’re buying at scale. Strategy Inc., led by Michael Saylor, holds 576,230 BTC after adding 7,390 coins for $765 million.

That move sent its stock over $400. A tech outfit trading under ticker 3350.T has 7,800 BTC on its books. It plans to reach 10,000 BTC and saw its stock jump 15% after a latest purchase of 1,004 coins.

States Seek Bitcoin Reserves

US President Donald Trump’s return to office this year has sparked fresh interest in public Bitcoin holdings. New Hampshire passed a bill on May 6 that lets certain state funds put up to 5% into Bitcoin and other big crypto assets.

In Texas, the House approved Senate Bill 21 on May 22 by a 101–42 vote, setting up a Texas Strategic Bitcoin Reserve. Governors in both states are weighing when to sign. Arizona also cleared a fund for unclaimed property to go into crypto back on May 7.

Credit: David Paul Morris / Bloomberg / Contributor / Getty Images

A Close Look At The Numbers

Tesla’s 11,900 BTC sits well below its original 43,200-coin haul from 2021. Strategy Inc.’s 576,230 coins are worth over $62 billion at current prices.

The 3350.T outfit’s 7,800 BTC equals about $850 million. State plans vary, but New Hampshire’s cap could see millions shift into Bitcoin this year. Texas’s bill doesn’t set a dollar limit, but any move would mark a first for a major state.

Outlook For Bitcoin Adoption

Investors and public bodies have watched Bitcoin’s price swings for clues before putting money to work. Tesla’s steady hold shows faith hasn’t waned. Corporate purchases keep headlines busy, while state plans hint at a new chapter in US finance.

Market watchers will be looking for signatures on those bills and any fresh moves from other states. For now, the story is clear: big players still see Bitcoin as worth owning.

Featured image from Unsplash, chart from TradingView

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A closely followed on-chain analyst believes that Bitcoin (BTC) is at a critical juncture and may be one big move away from signaling bull market exhaustion.

Pseudonymous analyst Checkmate tells his 114,800 followers on the social media platform X that Bitcoin is facing heavy selling pressure at current levels based on its heatmap, a visual tool that shows where buy and sell orders are stacked in the orderbook.

“Bitcoin is working its way through a very dense supply cluster between $93,000 and $100,000.

Pretty much blue skies above $100,000.”

According to the analyst, Bitcoin bulls need to step up and gobble up the selling pressure all the way up to $100,000. Otherwise, BTC could print a bearish lower high structure and signal that the bull market is over.

“In my view, it’s pretty important that Bitcoin clears this price zone in the near term.

We’re sitting right in the middle of a decision point, and all it will take is one big red or green candle from here to convince people of a lower high, or bull continuation, respectively.”

Checkmate’s chart shows that hundreds of thousands of BTC positions are underwater as Bitcoin struggles to move above $95,000.

The analyst also says that hesitation at current levels might be seen as a sign of trend exhaustion.

“We don’t want to keep chopping, to be honest, need to establish a clear trend.”

While it appears that sellers have the upper hand above $95,000, Checkmate notes that demand for Bitcoin exchange-traded funds (ETFs) remains strong.

“Cumulative inflows into the Bitcoin ETFs have hit a fresh ATH (all-time high) of $40.62 billion.”

At time of writing, Bitcoin is trading for $94,816.

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The US Securities and Exchange Commission has formally closed its investigation into Australian web3 gaming firm Immutable, the company announced on March 25.

Immutable, known for its Ethereum-based gaming infrastructure and native IMX token, revealed that it had received a Wells notice from the SEC in November 2024 — an indication that the agency was considering enforcement action.

The company believed the inquiry was related to its token’s listing and early sales, which date back to 2021. With the investigation now dropped and no charges filed, Immutable called the decision a step forward for regulatory clarity in the blockchain gaming sector.

Immutable, which aims to bring blockchain-based ownership to the global gaming market, said it plans to accelerate its expansion now that the regulatory uncertainty has been lifted.

String of closures

The case’s closure adds to a growing list of enforcement efforts withdrawn or halted under the SEC’s acting chair, Mark Uyeda.

Since taking the helm in January, Uyeda has overseen the dissolution of several high-profile probes as the agency distances itself from the aggressive enforcement strategy employed during Gary Gensler’s tenure.

In recent weeks, investigations into other major crypto companies — including Gemini, Robinhood, OpenSea, and Yuga Labs — have also been closed. Meanwhile, legal actions involving firms such as Coinbase, Ripple, and Kraken have been dismissed or paused.

The SEC has also established a new Crypto Task Force led by Commissioner Hester Peirce, a longtime advocate for clearer crypto guidelines.

The initiative is part of a broader effort to engage with industry stakeholders and craft formal rulemaking rather than relying on enforcement as a primary tool.

Task force

Since its launch in January, the Crypto Task Force has taken a more collaborative and transparent approach to crypto regulation.

The task force has hosted a series of public roundtables addressing core issues such as digital asset classification, crypto trading platforms, custody solutions, tokenization, and decentralized finance.

It has also actively sought public input from industry stakeholders, including a formal submission from Ripple advocating for clear, predictable criteria to determine whether a digital asset qualifies as a security.

The task force’s efforts signal a broader shift toward structured rulemaking aimed at providing regulatory clarity while supporting innovation in the digital asset space.

The SEC’s evolving posture comes amid a wider re-evaluation of crypto oversight in Washington, fueled in part by policy shifts under the Trump administration.

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