Tesla, one of the leading automotive and clean energy companies owned by Elon Musk, announced today that none of their $711,050,000 Bitcoin (BTC) was sold in the first quarter of 2024. The company did not buy or sell any of its Bitcoin, according to its Q1 update.
Tesla made no mention of Bitcoin buying or selling activity in its latest earnings report. Before the earnings report was announced, it was known that Tesla had 9,720 BTC. It’s the seventh straight quarter of no sales for Tesla’s Bitcoin pile. Fortunately, the value of their Bitcoin has risen substantially in the past quarter, largely due to Spot Bitcoin ETF approval. Furthermore, Tesla’s stash of BTC might climb more in value as the asset rises over the next weeks following the Halving event.
The company continues to cling to its substantial Bitcoin investment, even amid ongoing price booms for the largest cryptocurrency. It last reduced its holdings in Q2 2022 after liquidating 75%, or roughly $936 million worth of BTC.
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Furthermore, Tesla reported a slide in revenue in Q1 2024. Total revenue was reported at $12.3 billion, down dramatically compared to its estimated $21.4 billion. The company has an abysmal Q4 2023 report, and its latest earnings report doesn’t appear much better. Tesla also had a negative free cash flow of $2.5B in Q1.
Despite the miss on expectations for revenue and earnings, Tesla’s stock is up 5% in aftermarket trading following the release of the results. At closing time, Tesla stock is trading at $144.61, down 13% in the past five days and down 28% in the past month.