Tesla’s Q1 2023 Bitcoin Holdings Remain Flat Despite Rising Price

Key Points:

• Tesla’s Bitcoin holdings remained unchanged in Q1 2023, despite the rising price of Bitcoin.
• The firm’s Q1 profit was $2.5 billion, which is down from $3.32 billion a year earlier.
• It continues to hold 9,700 Bitcoin as of February 2023, despite concerns about the impact of such a large holding on the market.

Tesla didn’t sell its $184M Bitcoin in Q1 2023; the valuation remained flat. Q1 profit was $2.5B, down from $3.32B a year earlier. BTC price is under $30,000. Tesla holds 9,700 BTC as of Feb 2023.

Tesla recently announced that it did not sell any of its $184 million Bitcoin holdings in the first quarter of 2023. Despite BTC’s rising price to about $28,500 at the end of the quarter, Tesla’s BTC valuation remained flat. This is the third consecutive quarter in which Tesla did not make any changes to its BTCholdings.

In a recent update, Tesla reported a net profit of $2.5 billion, down from $3.32 billion a year earlier. The company missed market estimates for first-quarter margin due to aggressive price cuts to spur demand amid a sagging economy and rising competition. However, Tesla still expects to achieve deliveries of around 1.8 million vehicles this year.

The Bitcoin (BTC) price has dropped to under $30,000, currently sitting at $29,248.71, according to CoinMarketCap. Despite this, Elon Musk has continued to express his support for other cryptocurrencies, particularly Dogecoin (DOGE), mentioning it in recent interviews.

Tesla acquired $1.5 billion in BTC in 2021 and held 9,700 BTC as of February 2023. The company’s Bitcoin holdings have been a topic of interest in the cryptocurrency community, with some experts expressing concern about the potential impact of such a large holding on the market.

At the time of writing, Bitcoin (BTC) price dropped to under $30,000, currently sitting at $28,848.71, according to CoinMarketCap.

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