Tesla Sold None Of Its $711M Bitcoin (BTC) In Q1
Electric automobile manufacturer Tesla says it did not sell a single Bitcoin (BTC) from its large holdings in the first quarter of this year.
Bitcoin ATH Pushed Tesla’s Profit Margin
The leading car manufacturing company currently has a portfolio of 9,720 Bitcoin units after successfully selling off 75% of its holdings in 2022. This current Bitcoin holding is valued at approximately $711,050,000.
According to its Q1 update, Tesla did not engage in either the sales or acquisition of any Bitcoin. This makes it seven consecutive quarters of no sales for the company’s BTC holdings. Its lack of Bitcoin activity suggests that Tesla is HODLing the leading cryptocurrency by market capitalization.
Noteworthy, the American electric car manufacturer reported no Bitcoin sales in Q3 and Q4 of 2023.
To some market observers, this might suggest an absence of growth for the Elon Musk-owned business but it is worth noting that in the same Q1, the price of Bitcoin jumped by a reasonable percentage. BTC reached a new all-time-high (ATH) of $73,250 in March, fueled by a high demand for spot Bitcoin ETFs that the United States Securities and Exchange Commission (SEC) greenlighted in January.
The surge in Bitcoin price indicates that the value of Tesla’s Bitcoin holdings has increased significantly. At the time when the company was reporting the state of its Bitcoin portfolio earlier, the 9,720 Bitcoins were worth only $275.6 million. Compared to this season that BTC price has seen more than 200% increase, the previous value of Tesla’s Bitcoin holdings is a far-cry to the current figure.
MicroStrategy and Tesla Bitcoin Strategy
It could almost be said that Tesla and Michael Saylor’s MicroStrategy have a similar Bitcoin strategy because of their respective decisions to not sell.
However, MicroStrategy differs slightly as it has continued to acquire more Bitcoin, thereby increasing its portfolio. In mid-March, the business intelligence and software firm acquired 9,245 BTC, bringing its entire Bitcoin holding to 214,246 BTC.
Saylor has constantly reminded members of the public that his firm has no plans to sell off its Bitcoin anytime soon. With how consistent Tesla has been with its ‘no Bitcoin sales’, it is likely towing the same path as MicroStrategy.
Also, the recent Bitcoin halving event would probably bring more price growth to the crypto in the coming weeks, further solidifying the company’s holdings.
The post Tesla Sold None Of Its $711M Bitcoin (BTC) In Q1 appeared first on CoinGape.
Filed under: News - @ January 1, 1970 12:00 am