• Tesla maintained a consistent $184 million Bitcoin balance in the first quarter of 2023.
• Tesla initially purchased $1.5 billion of Bitcoin in February 2021, and has since sold about three-quarters of it.
• Tesla now accepts Dogecoin (DOGE) for some merchandise, but had previously abandoned accepting Bitcoin due to environmental concerns.
Tesla’s Q1 Earnings Show Steady Bitcoin Balance
Tesla’s April 19 earnings report revealed that it held a steady $184 million worth of Bitcoin throughout the first quarter (Q1) of 2023 despite price fluctuations within the market. This amount is consistent with the company’s holdings in the previous quarter (Q4 2022).
Large Initial Purchase Followed by Consistent Sales
The electric vehicle company initially purchased $1.5 billion worth of BTC in February 2021, with its holdings at one point reaching a value of $2.5 billion. However, Tesla subsequently sold around three-quarters of its holdings during Q2 and Q3 2022; bringing their total holdings back down to $218 million before further losses due to volatility as well as its own sales further reduced their balance down to $184 million for Q1 2023.
Bitcoin Payment Abandoned Due To Environmental Concerns
The company’s relationship with cryptocurrency has been inconsistent; as while Tesla briefly accepted payments via BTC, this was later abandoned due to environmental concerns surrounding crypto mining. Currently however, Tesla does accept Dogecoin (DOGE) for certain merchandise purchases on its website.
Stock Price Remains Unaffected
Despite the notable changes in their BTC balance over time, this appears not to have affected their stock price overall; with TSLA currently trading 2% lower today and 4% lower after hours than at opening bell today – when compared against yesterday’s closing prices respectively anyway.
In conclusion, while there have been considerable ups and downs regarding Tesla’s BTC balance over recent quarters – particularly following their initial large purchase – they appear to have settled on a more consistent figure recently; maintaining an even Bitcoin balance throughout the entirety of Q1 2023 regardless of market fluctuations or their own sales figures within that time period