Tesla’s Bitcoin Holdings Remain Unchanged
Tesla, the electric vehicle manufacturer, announced in its Q1 report that it has maintained its Bitcoin holdings at around 10,725 BTC.
This is equivalent to approximately $310 million.
Although the company’s Q1 earnings report indicated a slight decrease in sales, from $23.39 billion to $23.33 billion, it met earnings per share (EPS) expectations of $0.85.
Despite the sales miss, Tesla shares traded only slightly lower after-hours trading, and investors did not seem concerned.
READ MORE: Bitcoin Slides Below $29,000 as Market Braces for Further Correction
As previously reported, Tesla sold 75% of its Bitcoin holdings in June 2022, receiving $936 million in cash reserves after converting them to fiat.
Tesla invested $1.5 billion in Bitcoin in February 2021, which significantly impacted the cryptocurrency’s price at the time but ultimately proved to be a failed investment.
Elon Musk has been known for his support for the crypto industry and this move in 2021 was very important for the price surge that came after.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
