Tesla Bitcoin Holding Still Maintained Amidst Q1 2024

Key Points:

• Tesla holds onto its substantial Bitcoin stash in Q1 2024, with no sales reported.
• Despite revenue decline, Tesla Bitcoin holding remains untouched, valued at $711 million.

Tesla, the electric automobile manufacturer led by Elon Musk, has announced that it did not sell any of its substantial Bitcoin holdings in the first quarter of 2024. Despite market speculation, Tesla confirmed that it neither bought nor sold any of its Bitcoin, maintaining its stance on cryptocurrency investment.

Tesla Bitcoin Holding Nothing Changed In Q1 2024

The company currently possesses 9,720 Bitcoin units, valued at approximately $711,050,000. Tesla Bitcoin holding remains untouched throughout the quarter, marking the seventh consecutive quarter with no sales for the company. Notably, the absence of sales comes after Tesla sold off 75% of its Bitcoin holdings in 2022, amounting to roughly $936 million worth of BTC.

Although Tesla reported a decline in revenue for Q1 2024, dropping to $12.3 billion from an estimated $21.4 billion, the company’s Bitcoin stash remains a significant asset. Market observers note that despite Tesla Bitcoin holdings remaining unchanged, the value of the cryptocurrency surged in Q1, reaching a new all-time high of $73,000 in March.

Contrasting Bitcoin Strategies of Tesla and MicroStrategy

Comparatively, MicroStrategy, a business intelligence firm, has taken a different approach to Bitcoin investment. Starting in August 2020, MicroStrategy steadily accumulated Bitcoin, now holding over 1% of the total supply. This stands in contrast to Tesla, which entered the market in January 2021 during the 2021 market frenzy.

Despite concerns about revenue declines and negative free cash flow in Q1 2024, Tesla Bitcoin holdings remain a significant aspect of its investment portfolio.