Tesla Didn’t Sell Any of Its $711 Million Bitcoin (BTC) in the First Quarter
Electric car manufacturer Tesla said that it did not sell even a single Bitcoin (BTC) from its large holdings in the first quarter of this year.
Bitcoin ATH Increases Tesla’s Profit Margin
The leading automobile manufacturing company currently holds a portfolio of 9,720 Bitcoin units after successfully selling 75% of its assets in 2022. This current Bitcoin holding is worth approximately $711,050,000.
According to its first quarter update, Tesla was not involved in any Bitcoin sales or purchases. This means seven consecutive quarters of no sales for the company’s BTC holdings. The lack of Bitcoin activity indicates that Tesla remains the leading cryptocurrency in terms of market cap.
Notably, the American electric car manufacturer reported no Bitcoin sales in Q3 and Q4 2023.
According to some market observers, this may indicate a lack of growth for the Elon Musk-owned business, but it is worth noting that the price of Bitcoin increased at a reasonable rate in the same first quarter. BTC reached an all-time high of $73,250 (ATH) in March, driven by high demand for spot Bitcoin ETFs, which the United States Securities and Exchange Commission (SEC) green-lighted in January.
The increase in Bitcoin price indicates that the value of Tesla’s Bitcoin holdings has increased significantly. At the time the company previously reported the status of its Bitcoin portfolio, 9,720 Bitcoins were worth only $275.6 million. Compared to this season when the BTC price increased by more than 200%, the previous value of Tesla’s Bitcoin holdings is a far cry from the current figure.
MicroStrategy and Tesla Bitcoin Strategy
It could almost be said that Tesla and Michael Saylor’s MicroStrategy have a similar Bitcoin strategy due to their decision not to sell.
However, MicroStrategy differs slightly in that it continues to buy more Bitcoin, thereby increasing its portfolio. In mid-March, the business intelligence and software firm purchased 9,245 BTC, bringing its entire Bitcoin holdings to 214,246 BTC.
Saylor has repeatedly reminded the public that his company has no plans to sell its Bitcoin any time soon. Given how consistent Tesla has been about ‘no Bitcoin sales’, it’s likely following the same path as MicroStrategy.
Additionally, the recent Bitcoin halving event will likely bring further price gains to the cryptocurrency in the coming weeks, further solidifying the company’s holdings.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
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