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Tesla Holds Entire $711M Bitcoin (BTC) Investment in Q1

Tesla Holds Entire $711M Bitcoin (BTC) Investment in Q1

Tesla is retaining its substantial Bitcoin holdings.

The company run by Elon Musk is hoarding its 9720 BTC holdings.

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The company continues to employ a tactic akin to MicroStrategy’s.

According to electric car maker Tesla, throughout the first quarter of this year, it did not sell a single Bitcoin (BTC) out of its substantial holdings.

The ATH of Bitcoin Forced Tesla’s Profit Margin

Following a successful sale of 75% of its assets in 2022, the top automaker now possesses 9,720 Bitcoin units nationwide. The current value of this Bitcoin holding is about $711,050,000.

As per the Q1 statement, Tesla refrained from selling or acquiring cryptocurrency. This brings the company’s BTC holdings’ sales drought to seven straight quarters. Due to its lack of activity, it appears like Tesla is hoarding the most valuable cryptocurrency on the market.

Remarkably, in Q3 and Q4 of 2023, the US electric vehicle maker reported no sales of Bitcoin.

Although this may indicate to some market watchers that Elon Musk’s company is not growing, it is important to remember that over the same first quarter, the price of Bitcoin increased by a respectable amount. March saw Bitcoin reach a new all-time high (ATH) of $73,250, driven by strong demand for spot Bitcoin ETFs approved in January by the US Securities and Exchange Commission (SEC).

The sharp rise in Bitcoin’s price suggests that Tesla has substantially enhanced the value of its holdings in the cryptocurrency. When the business last disclosed the status of its Bitcoin holdings, the 9,720 Bitcoins were only valued at $275.6 million. The former worth of Tesla’s Bitcoin holdings is significantly less than the present amount, especially in light of the season in which the price of BTC has increased by more than 200%.

Tesla Bitcoin Strategy and MicroStrategy

Given that both Tesla and Michael Saylor’s MicroStrategy decided not to sell, one might argue that they had comparable Bitcoin strategies.

Conversely, MicroStrategy is a little different because it has kept adding Bitcoin to its portfolio. The business analytics and software company increased its total Bitcoin holding to 214,246 BTC in mid-March after acquiring 9,245 BTC.

Saylor has regularly made it clear to the public that his company has no intention of selling off its Bitcoin holdings anytime soon. Given how steadfast Tesla has been in sticking to its “no Bitcoin sales” policy, it appears that it is following MicroStrategy’s lead.

Furthermore, the recent halving of the price of Bitcoin is likely to result in further price growth for the cryptocurrency in the upcoming weeks, strengthening the company’s holdings even more.

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