Tesla Holds Bitcoin without Buying or Selling
Tesla, the automotive and clean energy giant, has announced in its earnings report that it maintained its Bitcoin holdings in the fourth quarter of 2023. The company did not sell any of its Bitcoin during this period, but also did not make any new purchases, indicating a period of inactivity in their crypto investment.
Tesla’s Position among Bitcoin Holders
Prior to the earnings report, it was known that Tesla held a substantial amount of Bitcoin, with a current value of $184 million. However, there are other publicly traded companies who hold more Bitcoin, including MicroStrategy, Galaxy Digital Holdings, and Marathon Digital Holdings.
“JUST IN: Tesla $TSLA reveals none of their $435,000,000 #Bitcoin was sold in Q4 2023.” – Tweet
Tesla’s Bitcoin Journey
Tesla first invested in Bitcoin in February 2021 with $1.5 billion. They initially held 43,000 BTC and planned to accept Bitcoin as payment. However, the company reduced its holdings, selling 4,320 BTC in 2021 and 75% of its remaining stake at a loss in the following year.
Inactivity Continues: No Bitcoin Activity in Q3
This marks the sixth consecutive quarter where Tesla’s Bitcoin holdings remained unchanged. The company has refrained from making any Bitcoin transactions since selling 30,000 BTC in Q2 2022, resulting in a loss. The lack of activity continued in Q3 and now in Q4 2023.
Fourth Quarter Results
Tesla reported a fourth-quarter revenue of $25.17 billion, representing a 3% year-over-year increase. However, it fell short of its target revenue. The automotive revenue reached $21.56 billion, indicating a 1% growth. Tesla’s earnings per share were 71 cents, lower than the estimated 74 cents per share. The company also disclosed 484,507 deliveries in Q4 and over 1.8 million deliveries throughout 2023.
Hot Take: Tesla Holds Firm with Bitcoin, But Is It Enough?
Tesla’s decision to maintain their Bitcoin holdings without making additional purchases or sales raises questions about their long-term strategy. While they are still among the top Bitcoin holders, the lack of movement in their investments suggests a lack of confidence or uncertainty. It remains to be seen how Tesla will navigate the volatile world of cryptocurrencies in the future.
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