Tesla Holds on to Bitcoin Valued at Over $387 Million
Tesla, the world’s leading electric car manufacturer, has not changed its bitcoin holdings in the fourth quarter of 2023, according to its latest earnings report released on Wednesday.
The report did not mention bitcoin, suggesting that the company did not buy or sell any of the cryptocurrency in the three-month period. Tesla’s bitcoin holdings are valued at $387 million at current prices, making it the third-largest public holder of the digital asset behind software firm MicroStrategy and mining company Marathon.
Tesla first announced its $1.5 billion investment in bitcoin in February 2021, when it bought about 43,000 BTC. The company also said it would start accepting bitcoin as a form of payment for its products and services. However, in May 2021, Tesla reversed its decision, citing environmental concerns over bitcoin mining.
Since then, Tesla’s CEO Elon Musk has been vocal about his support for bitcoin and other cryptocurrencies, such as dogecoin and ethereum. He has also hinted at the possibility of Tesla resuming bitcoin payments in the future, if the mining industry becomes more sustainable and green.
Tesla’s bitcoin holdings represent a small fraction of its total assets, which amounted to $59.5 billion as of September 30, 2023. The company reported a revenue of $13.8 billion and a net income of $1.6 billion for the third quarter, beating analysts’ expectations.
- Elon Musk: I Still Hold A Lot Of Dogecoin, SpaceX Owns Plenty Of Bitcoin
- Elon Musk: I Don’t Spend A Lot Of Time Thinking About Cryptocurrency — Hardly Any At All