The post Tesla’s Bitcoin (BTC) Holding Unchanged for Two Consecutive Quarters At $184M appeared first on Coinpedia Fintech News
Tesla Inc. (NASDAQ: TSLA) purchased its first Bitcoin holding in early 2021 worth approximately $1.5 billion. During the same period, the company announced that it would begin accepting Bitcoin for electric vehicle purchases. The announcement increased crypto enthusiasm and contributed to Bitcoin’s first upsurge beyond $50k.
However, the thrill was short-lived as regulators complained about Bitcoin’s high energy consumption in its Proof-of-Work (PoW).
As a result, Tesla canceled its use of Bitcoin as a form of payment for electric vehicle purchases. Notably, Tesla indicated that it would revisit Bitcoin as a form of payment after miners transition to more sustainable energy sources.
Tesla and Bitcoin Market
Ever since the company purchased Bitcoin in 2021, it has been a long-term holder, but constantly readjusted its holdings. According to the latest Tesla quarterly financial report, the company held Bitcoins worth $1.261 billion during the first quarter of 2022. However, the company’s holdings significantly dropped to approximately $218 million during the second quarter.
The decline in Tesla’s Bitcoin holding during last year’s second quarter coincided with the 2022 crypto crash fueled by the Terra Luna UST crash. The company held its Bitcoin bag through the third quarter of 2022 unchanged. However, during the fourth quarter financial results, Tesla announced its Bitcoin holdings at about $184 million.
Again, the company’s selloff coincided with the crypto crash fueled by the FTX and Alameda Research implosion that wiped out over $30 billion from the industry.
And now, during the first quarter of 2023, the company has announced that its Bitcoin holding remains unchanged at approximately $184 million. Notably, the current accounting rules do not allow Bitcoin gains to be booked. Moreover, Bitcoin price gained more than 70 percent during the first quarter.
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks