Much of the recent gain in bitcoin is tied to optimism surrounding the second Trump administration, which was heavily backed by the crypto industry. Tesla CEO Elon Musk was Trump's biggest financial supporter and is now a top adviser in the White House. Longtime Musk ally David Sacks was tapped by Trump to the be the White House AI and crypto czar.
Bitcoin tracking website Bitcoin Treasuries ranks Tesla as the sixth-biggest holder of bitcoin among public companies.
Tesla's fourth-quarter earnings and revenue fell short of analysts' expectations on Wednesday as auto revenue dropped 8% from a year earlier, yet the stock climbed in after-hours trading.