In the first quarter of 2024, Tesla has kept a significant portfolio of Bitcoin, valued at $184 million, under Elon Musk's leadership.
This article delves into the details of Tesla's ongoing commitment to cryptocurrency, providing insights into the broader implications of its digital asset strategies.
Tesla Holds $184 Million in Digital Assets
Elon Musk’s prominent U.S. electric car company, Tesla, continues to hold Bitcoin (BTC).
Despite having invested $1.5 billion in Bitcoin in the first quarter of 2021, Tesla had sold about 75% of its Bitcoin by the second quarter of 2022.
As one of the early corporate investors in Bitcoin, Tesla has consistently drawn attention to its cryptocurrency strategy. According to the balance sheet released this month for Q1 2024, Tesla still possesses digital assets valued at approximately $184 million.
The latest report also indicates that Tesla has not traded Bitcoin for seven consecutive quarters since reducing its holdings in Q2 2022.
Arkham Data Reports 11,509 BTC Held by Tesla
While the exact amount of Bitcoin Tesla currently holds was not detailed in the recent documents, blockchain analytics firm Arkham has reported that, as of April 25, 2024, Tesla holds about 11,509 BTC, valued at approximately $734.49 million.
Although Tesla accepts Dogecoin (DOGE) for certain payments, it holds only a minimal amount of DOGE, with the majority of its digital assets comprised of Bitcoin.
Elon Musk has explained that the 2022 sale of Bitcoin was not due to a change in his assessment of Bitcoin but was related to liquidity needs due to closures of Tesla's factories in China affected by COVID-19.
Musk himself holds cryptocurrencies, including BTC and DOGE, and his space-related company, SpaceX, also holds Bitcoin.
Furthermore, the payment subsidiary of X, known as X Payments, is advancing its acquisition of money transfer licenses, highlighting the continued focus on cryptocurrency investments and related services across his businesses.
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