In the first quarter of 2024, Tesla, the leading electric vehicle producer, didn’t dispose of any Bitcoin from their holdings according to their financial report, despite a significant decrease in their overall revenue.
Based on the data in the report, Tesla’s overall income dropped by 15.3% from $25.1 billion in Q4 2023 to $21.3 billion in Q1 2024. Meanwhile, their total gross profit decreased significantly, going from $4.4 billion in the previous two quarters down to $3.6 billion.
Despite a decrease in revenue, Tesla chose not to sell its 9,720 Bitcoins, which were valued at approximately $646 million based on current Bitcoin prices.
According to Arkham Intelligence’s data, Tesla owned approximately 11,509 Bitcoins, valued at more than $765 million when the report was generated.
Currently, the electric vehicle manufacturing company ranks third among Bitcoin holders, owning approximately 214,245 Bitcoins, while MicroStrategy and Marathon Digital Holdings possess around 17,381 Bitcoins each.
According to an article on crypto.news published in March, the cumulative Bitcoin holdings of Tesla and SpaceX surpassed $1.3 billion. SpaceX continues to possess approximately 8,285 Bitcoins, now valued at around $550 million.
When the Tesla report was released, Bitcoin saw a gain of 0.4% within the last 24 hours and was currently priced at $66,500. A new peak of $67,148 was hit by Bitcoin during the day. The daily trading volume for Bitcoin, on the other hand, decreased by 3.8%, amounting to $23.8 billion in total transactions.
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2024-04-24 13:17