In its most recent quarterly report, Tesla Inc. did not make any mention of Bitcoin, but analysts have concluded that the company’s BTC holdings remained steady in the last quarter of 2023.
At current prices, the valuation of the crypto assets of the electronic car manufacturer stands at $387 million, as it holds around 9,720 BTC in its possession.
The data of its Bitcoin holdings was obtained from the aggregator Bitcoin Treasuries that tracks well-known BTC wallets in the corporate world.
It was back in February 2021 when Tesla first began its Bitcoin journey with a substantial investment of about $1.5 billion.
The company acquired a total of 43,000 BTC after there was an interaction between the CEO of MicroStrategy Michael Saylor and Elon Musk.
Briefly, the Elon Musk-led company had also started accepting payments in Bitcoin until there was a shift in strategy due to concerns about environmental impact.
In the second quarter of 2022, Tesla sold off 75% of its Bitcoin holdings to bolster its cash position amidst the uncertainties related to the COVID-19 pandemic.
There had been tangible market movements due to the purchases of BTC by Tesla as well as when the company decided to discard its holdings.
After Elon Musk tweeted about Tesla being pro Bitcoin, the largest crypto in the market climbed to an all-time high.
However, after Musk took an anti-bitcoin stance, the value of Bitcoin dropped by a whopping 75%. While Tesla has shed its Bitcoin holdings, MicroStrategy has added to its Bitcoin portfolio.
Co-founded by Michael Saylor, the publicly traded company has the largest BTC treasury as compared to others.
It has not sold a single Satoshi after making its first purchase and reports indicate that it has a total of 89,150 BTC that have a value of $8.1 billion.
In terms of ranking, Tesla holds the third spot in terms of Bitcoin holdings, with Marathon Holdings taking the second one.
The earnings report
On Wednesday, the latest earnings report of Tesla Inc. was published and weak auto revenue, along with slower growth this year, saw its share price drop by 14%.
The report highlighted a marginal rise in its total revenue, as it rose 3% as compared to the year before, but there was a notable decline in the operating margin, which reached 8.2%.
The report shed light on the challenges that the automaker is facing, which is not something investors want to hear.
Even though the company suffered setbacks, its net income doubled, mostly due to a significant noncash benefit.
As far as the future is concerned, Tesla is focused on the launch of its next-generation vehicle in Texas and this might have an impact on the company’s vehicle volume growth in this year.
During the earnings call, Elon Musk answered questions about his desire to own 25% of the company, which indicates an interest in a possible shift to a dual-class shares structure.
His comments highlighted the ongoing tensions between shareholder advisory boards and corporate leadership.