Although Tesla didn’t mention Bitcoin in its most recent quarterly earnings report, analysts have concluded that Tesla Inc.’s (TSLA) Bitcoin holdings remained steady in the last quarter of 2023. The electric car manufacturer’s cryptocurrency assets are valued at approximately $387 million at current prices, with over 9,720 BTC in its possession, according to Bitcoin Treasuries, an aggregator that follows well-known BTC wallets in the business world.

Tesla’s Bitcoin journey began in February 2021 with a substantial investment of $1.5 billion, acquiring around 43,000 BTC after an interaction between Elon Musk and Michael Saylor, CEO of MicroStrategy. The Elon Musk-led company briefly accepted Bitcoin as payment before concerns over environmental impact led to a shift in strategy, selling 75% of its holdings in Q2 2022 to bolster its cash position amid COVID-related uncertainties.

Both Tesla’s BTC purchases and Tesla’s dismissal of Bitcoin sparked tangible market movements. BTC reached an all-time high after Elon tweeted a pro-Bitcoin Tesla, and then lost over 75% of its value after Elon tweeted an anti-Bitcoin stance.

In contrast to Tesla’s moves, MicroStrategy has Go to Source to See Full Article
Author: Jose Antonio Lanz

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