- The latest report of Tesla makes no mention of its remaining Bitcoin (BTC) holdings.
- Since 2022, Tesla had 9,720 BTC in its treasury.
- It should be around $647.35 million by now.
Tesla just posted its first-quarter accomplishments for this year. Notably absent from its report was the whereabouts of its Bitcoin holdings. This means the electric vehicle (EV) manufacturer’s remaining 9,720 BTC is still intact.
Tesla’s Acceptance of Bitcoin Transactions
Back in 2021, EV maker Tesla started buying Bitcoin and subsequently announced the acceptance of the digital currency as payment for Tesla purchases. However, it backtracked from its move only a month later, citing concerns over the intensive energy requirements for Bitcoin mining and transactions. Its CEO, Elon Musk, claimed the electricity used is mostly sourced from fossil fuels, especially coal, which do not align with their business principles.
Despite that, Musk didn’t dismiss cryptocurrencies altogether as he remained a strong advocate of the sector, particularly with anything that had to do with Dogecoin (DOGE). What’s more, his company currently accepts DOGE transactions for merchandise and has promised to apply the same payment method for Tesla EVs “at some point.”
Musk ensured they would consider taking Bitcoin payments again once its mining shifts to more sustainable energy.
Tesla’s Current BTC Supply
In February 2021, Tesla invested $1.5 billion in Bitcoin at around $37,000 per BTC. Prices suddenly soared to $50,000 when news broke of its purchase. A month later, the automaker sold 10% or 4,320 units of its BTC holdings when the numbers hit $60,000 for net proceeds of $250 million. The trade-off though, was that Tesla’s stock tanked by 20% upon the confirmation of its sale.
In June 2022, Tesla made a Bitcoin firesale as it shed 75% or 30,000 of its BTC supply at the digital asset’s 18-month low of $20,000. That should be around $600,000 at that moment.
Fast-forward to this year, we are yet to hear about the fate of Tesla’s remaining 9,720 BTC haul. The latest quarterly sales report of the automaker covering the months of January to March remained mum on the matter. This indicates that the said Bitcoin holdings are still in its safekeeping.
As of this writing at 12:40 noon (UTC), Bitcoin is hovering at $66,600, which raises the value of Tesla’s remaining Bitcoin holdings to around $647.35 million. Without factoring inflation in the figures, Tesla would already be at roughly break-even for its total Bitcoin investment if it sold now or even more if it sold at the exact all-time high of the crypto asset at $73,750.07 last March 14.
On the other hand, with optimism surrounding Bitcoin running high past its fourth halving, Musk’s flagship company may be better off HODLing their BTC supply a bit longer. Should the predictions of $100K to $200K per BTC between year-end to 2025 or even above a million by 2030 come into fruition, their diamond hands would surely pay off.