Tesla Maintains Bitcoin Holdings in First Quarter of 2024

During the first quarter of 2024, Tesla neither purchased nor sold bitcoins, maintaining its cryptocurrency holdings at a balance sheet value of $184 million. This information is derived from the financial report.

According to BitcoinTreasuries, the company holds 9720 BTC, with a market valuation of $643.7 million.

In April, analysts at Arkham Intelligence reported tracking Tesla’s cryptocurrency wallets. Their data indicates that 11,509 BTC are stored across 68 addresses.

In February 2021, it was revealed that the company had invested $1.5 billion in bitcoin. Co-founder and CEO Elon Musk described these investments as “quite risky.”

In the spring of 2021, Tesla began accepting digital gold for its electric cars, but later discontinued this option.

By the end of the second quarter of 2022, the company had converted approximately 75% of its cryptocurrency into fiat, generating $936 million. The profit from this operation amounted to $64 million. Considering a negative revaluation of bitcoins on the balance sheet amounting to $204 million, the firm reported a net loss of $140 million.

Arkham Intelligence also reportedly discovered 28 wallets belonging to Musk’s SpaceX, holding 8285 BTC.

In January 2024, during a podcast with ARK Invest CEO Cathie Wood, the entrepreneur admitted that among cryptocurrencies, he only owns “a large amount of Dogecoin.”

In February, SpaceX accepted payment in the meme coin for launching the DOGE-1 satellite into space.