BTC
by BSCN
January 25, 2024
Tesla's initial foray into Bitcoin began in February 2021 when the company invested $1.5 billion to accumulate around 43,000 Bitcoin.
Elon Musk's Tesla reported today that it continues to hold its ground in the world of cryptocurrency, maintaining its Bitcoin (BTC) position at 9720 coins.
In the latest Q4 2023 update, Tesla revealed that it retained its entire Bitcoin portfolio, without engaging in any buying or selling activities during the quarter. This marks the sixth consecutive quarter with no sales, underscoring Tesla's commitment to its Bitcoin holdings despite market fluctuations.
Tesla entered the cryptocurrency market in February 2021 with a substantial investment of $1.5 billion in Bitcoin, accumulating approximately 43,000 BTC. Simultaneously, the company made headlines by announcing its decision to accept Bitcoin as a form of payment for its electric vehicles.
However, Tesla's approach to its Bitcoin holdings took a turn later in the year as uncertainties related to COVID-19 lockdowns prompted the company to reconsider its position.
In the first quarter of 2021, Tesla sold 4,320 Bitcoins and further liquidated 75% of the remaining balance at a notable loss in Q2 2022, with Tesla reporting the sale of 75% of its Bitcoin holdings.
In the backdrop of these Bitcoin transactions, Tesla's stocks have been on a downward trend, reflecting broader market challenges. In after-hours trading, Tesla continued its slump, mirroring the overall market sentiment at the beginning of the new year.
Despite challenges in the financial markets, Tesla reported strong figures for its core business. The company achieved 484,507 deliveries in the fourth quarter, contributing to a total of over 1.8 million deliveries for the entirety of 2023.
However, total revenue for the company fell slightly short of projections, amounting to $25.17 billion, down $70 million from the projected $25.87 billion.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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