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Tesla Stays the Course: Elon Musk’s Company Holds Bitcoin for Over a Year

2 mins
Updated by Ryan James
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In Brief

  • Tesla Inc., under Elon Musk's leadership, maintains a steady Bitcoin strategy, holding about 10,500 Bitcoins valued at $184 million.
  • The company's Q4 report of 2023 shows no new Bitcoin purchases or sales since December 2022, marking a period of crypto investment inactivity.
  • Tesla's Bitcoin investment journey started in Feb 2021 with a $1.5 billion investment, and had various ups and downs due to market fluctuations.
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Tesla’s Bitcoin (BTC) holdings remain constant at a valuation of $184 million. This is unchanged since December 2022.

Tesla Inc., under Elon Musk’s leadership, has shown a steady hand in its Bitcoin strategy. The company’s earnings report for the fourth quarter of 2023 confirms this.

Tesla’s Bitcoin Strategy: No New Purchases, No Sales

The company’s Q4 report shows that there have been no new Bitcoin purchases or sales since December 2022. This marks a period of inactivity in Tesla’s crypto investment.

Read more: Who Owns the Most Bitcoin in 2024?

According to CoinGecko, the electric car company currently holds about 10,500 BTC. This ranks it fourth among public companies with the highest Bitcoin investments.

Top Four Public Companies With Highest Bitcoin Holding
Top Four Public Companies With Highest Bitcoin Holding. Source: CoinGecko

Tesla’s Bitcoin journey began in February 2021 with a significant $1.5 billion investment. Initially, the company acquired around 42,000 BTC. This move was a major talking point in financial circles, highlighting the increasing interest in cryptocurrencies.

Nonetheless, the company’s stance on Bitcoin has seen changes. It initially accepted BTC for payments in March 2021. However, this was short-lived, as Tesla reversed this decision in May 2021 and reduced its Bitcoin holdings. Later, it offloaded a significant 75% of its BTC stake at a loss.

The value of Tesla’s Bitcoin investment has fluctuated with the market. In Q2 2022, Tesla recorded a $170 million impairment charge against its Bitcoin assets. This is as per accounting guidelines for crypto assets, which state that these assets must be written down if their market value falls below the purchase price. Gains are only recorded when appreciated assets are sold.

Elon Musk’s personal views on Bitcoin have also been in the spotlight. He shared his mixed feelings about Bitcoin in a recent X (Twitter) space. He sees potential in cryptocurrencies for use cases on Mars. But he also expressed frustration with the Bitcoin debates on the X space.

“If we are getting into annoying Bitcoin arguments, I will sign off,” said Musk.

Read more: Bitcoin Price Prediction 2024/2025/2030

Tesla’s Bitcoin strategy will remain a key point of interest for investors, crypto enthusiasts, and market analysts as they seek to understand the future intersection of technology, finance, and innovation.

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.