Key Points
- Tesla reveals it did not buy or sell any of its Bitcoin in a Q1 update.
- Before the earnings report was announced, Tesla was holding 9,720 BTC.
It has been revealed that Tesla, one of the leading automotive and clean energy companies owned by Elon Musk, has not sold any of its Bitcoin holdings, according to their Q1 2024 report.
The report shows no buying or selling activity in the first quarter of 2024. This is reportedly the seventh straight quarter of no sales for Tesla’s Bitcoin holdings.
The value of their BTC has risen significantly during the past quarter, and this was largely due to the spot BTC ETF approval that the crypto industry saw at the beginning of 2024.
Also, it’s expected that the BTC stash of Tesla to climb in value even more now that the Bitcoin halving took place on April 20, and the expectations regarding BTC are optimistic.
The company continues to hold its substantial Bitcoin investment, even amidst the ongoing price surge for the digital asset. It has reportedly reduced its holdings in Q2 2022 after it liquidated 75% of BTC.
Tesla also reported a slide in revenue in Q1 2024. The total revenue was $12.3 billion which shows an important decrease compared to the estimated $21.4 billion.
Now, Tesla owns 9.720 BTC worth approximately $645,7M.
Bitcoin continues trading above $66k
At the moment of writing this article, BTC continues trading above $66k. The digital asset is up by about 0.6% in the past 24 hours on CoinMarketCap.
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Bitcoin completed its fourth halving on April 20, when the miner reward was slashed from 6.25 BTC to 3.125 BTC.
The latest estimates from Bitfinex state that the new BTC supply added to the market could drop to $30 million per day. This would amount to less than five times the average daily inflows into the Bitcoin ETFs.
The same reports reveal that the average daily net inflows from BTC ETFs dwarf the number at over $150 million, even though flows have moderated or turned negative during the past few weeks.