2024

Bitcoin

Dogecoin

Million

The electric car giant Tesla <a href="https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q1-2024-Update.pdf" target="_blank" rel="noreferrer noopener" data-wpel-link="external">revealed</a> that it didn’t sell any bitcoin in the first quarter of this year, maintaining its holdings of 9,720 BTC valued at around $711 million.&nbsp; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Q1 Earnings Call starting in ~10 mins <a href="https://t.co/NSPNDuqW5D" target="_blank" data-wpel-link="external">https://t.co/NSPNDuqW5D</a>— Tesla (@Tesla) <a href="https://twitter.com/Tesla/status/1782882305494729099?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">April 23, 2024</a>
 </blockquote> 
 </div>
</figure> 
This marks seven straight quarters of no Bitcoin sales for Tesla, signaling a long-term “HODLing” strategy. Despite no sales, Tesla’s Bitcoin value surged due to BTC hitting a record high of $73,250 in March. 
The decision not to sell aligns Tesla with MicroStrategy, led by Michael Saylor, which also refrains from selling its Bitcoin while actively acquiring more. MicroStrategy recently added 9,245 BTC to its portfolio, totaling 214,246 BTC. 
This strategy contrasts with Tesla’s past move to sell 75% of its BTC holdings in 2022. However, Tesla’s current stance indicates confidence in Bitcoin’s future growth potential, especially after the recent Bitcoin halving event. 
The absence of Bitcoin sales doesn’t suggest stagnation for Tesla, as the rising Bitcoin price significantly increased the value of its holdings. This strategic alignment with MicroStrategy hints at a shared belief in Bitcoin’s long-term value, positioning both companies to benefit from potential future price growth. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/16/elon-musks-tweet-leads-to-300-million-dogecoin-transfer/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">Elon Musk’s Tweet Leads to 300 Million Dogecoin Transfer</a> 
</blockquote>

Tesla Did Not Sell its Bitcoins; Maintains 9,720 BTC in Q1

The Crypto Times

Other articles published on Apr 24, 2024

WLD Token Price on Watch as Worldcoin Plans $195 Million Sell-Off

How To Outperform In Crypto: Arthur Hayes’ ‘Left Curve’ Strategy

Is Bitcoin Heading for a Cycle Top in May 2025? Hints Top Crypto Trader

Pro-XRP Lawyer Slams Judge Torres’ Interpretation Of ODL Sales

Gensler Fires SEC Lawyers | Ripple Refuses $2 Billion Fine

UK regulator scrutinizes Big Tech's role in AI industry

Join our free newsletter for daily crypto updates!