Wednesday, December 6, 2023

Elon Musk’s Tesla Held onto Remaining Bitcoin through Q4.

After selling 75% of its Bitcoin for $936 million in July 2022, Tesla held onto the remaining supply through Q4. The EV maker stepped into Bitcoin in the first quarter of 2021 when it acquired 43,200 Bitcoins for $1.5 billion.

Musk said they are open to boosting their Bitcoin holdings in the future. He told reporters during Tesla’s 2022 second-quarter earnings call on July 20 that this should not be taken as some verdict on Bitcoin. The billionaire explained that they were concerned about the overall liquidity of Tesla due to the COVID shutdowns in China. Tesla, in its fourth-quarter earnings report, didn’t report losses on its remaining Bitcoin holdings.

In October, Musk maintained that the company is open to increasing its Bitcoin exposure in the future. He highlighted that Tesla has held its Dogecoin. Tesla in its third quarter report said prices of digital assets have been in the past and may continue to be highly volatile, because of various associated risks and uncertainties. It said the prevalence of such assets is a relatively recent trend. The report highlighted that the asset’s long-term adoption by investors, consumers, and businesses is unpredictable.

All for the test.

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