According to an official report, prominent tech company, Tesla, made no purchases or sales of Bitcoin (BTC) throughout the first quarter of 2023.
Tesla’s Q1 2023 Financial Results
Billionaire Elon Musk’s Tesla announced that it did not sell any of its almost 12,000 BTC tokens, which are presently valued around $350 million, when it presented its financial results for the initial quarter of 2023 on Wednesday afternoon.
BTC Holding Increased in Value Since 2023 Began
Tesla’s cryptocurrency holdings have increased dramatically since the year began, as BTC soared from barely more than $16,000 on January 1st to approximately $30,000 in the middle of April, after months of what appeared to be unrealized loss. However, Tesla’s stock continued to decline all day Wednesday despite the changes.
Tesla Parted with 75% BTC Holdings in Q2, 2022
Tesla has not sold any Bitcoin since the past three quarters. The last time it sold BTC was in Q2, 2022 wherein it parted with 75% of its total holdings.
According to Musk, the decision for the sale of BTC was made because manufacturing costs in China increased to levels that were previously unprecedented as a result of yet another COVID-19 lockout that impacted the nation’s economy. He said that Tesla gained roughly $1 billion from the BTC sale which allowed it to deal with its unexpected costs.
Musk hasn’t Sold his Crypto Holdings
Musk insisted he hadn’t sold any of his cryptocurrency assets. In addition to Bitcoin, he also owns Dogecoin (DOGE) and Ethereum (ETH). Notably, investors claimed that Elon Musk organized a pyramid scheme to advertise the cryptocurrency Dogecoin, and they filed a $258 billion lawsuit against him. Musk and his counsel apparently urged a US judge to dismiss the case.
According to the company’s fourth-quarter earnings report, which was made public in January of this year, the company’s Bitcoin holdings also remain unchanged and it still had $184 million worth of the cryptocurrency on hand.
In its Q4 earnings statement on Jan. 25, Tesla stated that, for the second consecutive quarter, despite fluctuations in the market, it did not acquire or sell any bitcoin. However, in July of last year, the company sold off 75% of all of its bitcoin (BTC) holdings, for a total of $936 million. Tesla Bitcoin Possessions Remain Untouched in Q1 2023
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