2024

Bitcoin

Arkham

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The largest electric vehicle (EV) manufacturer, Tesla, released its financial report for Q1 2024 with no signs of selling any of its Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="">BTC</a>) holdings while its total revenue plunged. 
According to the <a href="https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q1-2024-Update.pdf" target="_blank" rel="">report</a>, Tesla’s total revenue declined by 15.3% between Q4 2023 and Q1 2024 — falling from $25.1 billion to $21.3 billion. The company’s total gross profit plunged from $4.4 billion to $3.6 billion over the past two quarters. 
However, despite the decreased revenue, Tesla didn’t sell any of its 9,720 BTC holdings, per data from Bitcoin Treasuries, — worth around $646 million at the time of writing.&nbsp; 
Data from Arkham Intelligence shows that Tesla has a total of 11,509 Bitcoins, worth over $765 million at the reporting time.&nbsp; 
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 <img loading="lazy" decoding="async" width="953" height="332" src="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-24-134222.png" alt="Tesla didn’t sell Bitcoin holdings despite plunge in Q1 earnings - 25"> 
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 Tesla’s BTC holdings | Source: Arkham Intelligence
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 You might also like: <a href="https://crypto.news/hong-kong-to-launch-spot-crypto-etf-trading-by-april-end/" rel=""> Hong Kong to launch spot crypto ETF trading by April-end </a> 
The EV manufacturer is currently the third-largest Bitcoin holder after MicroStrategy and Marathon Digital Holdings with 214,245 BTC and 17,381 BTC, respectively.&nbsp; 
Per a crypto.news <a href="https://crypto.news/elon-musk-tesla-spacex-bitcoin/" rel="">report</a> in March, the total Bitcoin holdings of <a href="https://crypto.news/dogecoin-surges-11-after-elon-musk-announces-future-tesla-payment-option/" rel="">Tesla</a> and SpaceX exceeded the $1.3 billion mark combined. SpaceX is also holding onto its 8,285 BTC, currently worth $550 million. 
As the Tesla report came, Bitcoin gained 0.4% in the past 24 hours and is trading at $66,500 at the time of writing. The asset recorded an intraday high of $67,148 earlier today. Bitcoin’s daily trading volume, however, declined by 3.8%, reaching $23.8 billion. 
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 <img loading="lazy" decoding="async" width="1024" height="545" src="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-24-135622-1024x545.png" alt="Tesla didn’t sell Bitcoin holdings despite plunge in Q1 earnings - 26"> 
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 BTC price – April 24 | Source: Trading View
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 Read more: <a href="https://crypto.news/pepe-surges-18-5-amid-increased-whale-activity/" rel=""> PEPE surges 18.5% amid increased whale activity </a>

Tesla didn’t sell Bitcoin holdings despite plunge in Q1 earnings

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