Bitcoin

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 Electric vehicle (EV) manufacturing company Tesla didn’t sell or buy any of its Bitcoin holdings during the last quarter of 2023, according to its <a style="color: #0000ff;" href="https://twitter.com/Tesla/status/1750285095544480208?s=20" rel="noopener noreferrer nofollow">latest financial reports </a>released on January 24, 2023.&nbsp;
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Currently, Tesla is the third-largest public holder of Bitcoin, trailing behind MicroStrategy and Marathon (MARA). The company presently possesses precisely 9,720 BTC tokens, valued at over $387 million, according to data from <a href="https://bitcointreasuries.net/" rel="noopener noreferrer nofollow">Bitcoin Treasuries.</a>
In February 2021, Tesla made headlines when it acquired more than 43,000 BTC, amounting to about $1.5 billion, and concurrently announced it would accept Bitcoin as a payment method.&nbsp;
However, during the second quarter of 2022, the company <a style="color: #0000ff;" href="https://tesla-cdn.thron.com/static/EIUQEC_2022_Q2_Quarterly_Update_Deck_J8VLIK.pdf?xseo=&amp;response-content-disposition=inline%3Bfilename%3D%22_022-Q2-Quarterly-Update-Deck.pdf%22" rel="noopener noreferrer nofollow">sold off over $936 million worth of its BTC holdings</a> and <a style="color: #0000ff;" href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1470703708677840896%7Ctwgr%5E7b8e872f0cd906e7813aff2f40574c6470f34088%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcryptopotato.com%2Fdoge-soars-20-elon-musk-says-tesla-will-accept-dogecoin-for-some-merchandise%2F" rel="noopener noreferrer nofollow">transitioned towards the popular memecoin, Dogecoin</a>. Elon Musk, Tesla’s CEO,<a style="color: #0000ff;" href="https://www.wsj.com/livecoverage/tesla-earnings-q2-2022-elon-musk-live/card/ceo-elon-musk-says-china-s-covid-lockdowns-prompted-tesla-s-bitcoin-sale-oCloPqVbjGqPdGXNRrRH" rel="noopener noreferrer nofollow"> clarified that this move was driven by escalating production costs in China</a> and the need for “fresh capital” for the company’s new factories in the USA and Germany.
Notably, <a style="color: #0000ff;" href="https://defi-planet.com/2024/01/bitcoins-price-downtrend-persists-despite-recent-win-for-etf-providers/" rel="noopener noreferrer nofollow">Bitcoin has been underperforming since the January 11 SEC approval of spot Bitcoin ETFs</a>. The coin saw a 20% decline from its peak price of $49,500 to a low of $38,516 on Tuesday, January 23, 2024.&nbsp;
However, despite the persistent downtrend and its decision to accumulate Bitcoin, Tesla reported positive news regarding its vehicle sales. The company <a href="https://twitter.com/Tesla?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1742179049005289570%7Ctwgr%5E1ab06d539fb229aa863029db580d9668798c93fb%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcryptopotato.com%2Ftesla-maintained-its-bitcoin-btc-holdings-in-q4-2023%2F" rel="noopener noreferrer nofollow">disclosed </a>manufacturing over 495,000 vehicles and delivering more than 484,000 vehicles. Additionally, it posted a full-year production of approximately 1.85 million vehicles, reflecting a 35% year-over-year growth, and a full-year delivery of over 1.81 million vehicles, indicating a 38% year-over-year growth.
MicroStrategy, the largest public holder of Bitcoin, has been aggressively buying the cryptocurrency in recent months. In December 2020, <a style="color: #0000ff;" href="https://defi-planet.com/2023/12/microstrategy-expands-bitcoin-holdings-with-615m-purchase-surpassing-5-9b-worth-of-btc/" rel="noopener noreferrer nofollow">the company purchased 14,620 BTC tokens for over $615.7 million</a>. As a result, the company’s overall Bitcoin holdings increased to 189,150 BTC coins, and its market value surged beyond $5.9 billion.
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The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2024/01/teslas-q4-2023-financial-report-no-bitcoin-transactions-in-q4-2023-amidst-market-volatility/">Tesla’s Q4 2023 Financial Report: No Bitcoin Transactions in Q4 2023 Amidst Market Volatility</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Tesla’s Q4 2023 Financial Report: No Bitcoin Transactions in Q4 2023 Amidst Market Volatility

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