Bitcoin (BTC) is in the portfolio of several prominent firms. The Elon Musk-led company Tesla has been smitten by the Bitcoin bug for quite a while now. The king coin is currently trading at $63,711.26, following a slight dip over the past 24 hours.
Also Read: Ripple Earns Financial License in Dubai: Will XRP See a Rally?
Teslaโs Bitcoin Investment Journey
Initial Investment and Profit
Tesla’s interest in Bitcoin has fluctuated despite the excitement surrounding its initial investment. By April 2021, Tesla had made a $272 million profit from selling around 10% of its BTC holdings. Musk went on to clarify that this was a test of BTC’s liquidity rather than a major action that would have affected its price.
Market Reactions and Long-Term Goals
The market received conflicting signals from Tesla’s selling of part of its BTC. This further led many to question the firm’s long-term goals in the cryptocurrency arena.
Subsequent Sales and Holdings
Tesla revealed in later financial filings that the company still had a notable holding of Bitcoin. In July 2022, the business said it had raised around $936 million in cash by selling 75% of its remaining BTC.
Also Read: ChatGPT Investment Forecast: US Dollar, Bitcoin Or Gold? What To Buy?
Looking at Tesla’s Current Bitcoin Holding
Financial Filings and Current Holdings
According to their Q2 2023 financial filings, Tesla still holds over $184 million worth of BTC as of the most current revisions. This sum is the last 25% of the company’s initial BTC acquisition. In addition, Arkham Intelligence highlighted that Tesla owns $725 million in BTC.
Combined Holdings with SpaceX
This wasn’t all. It was also revealed that SpaceX owns a notable BTC stash estimated to be worth $560 million. Both firms own a combined 19,788 BTC, which is worth about $1.30 billion.
Musk announced Tesla and SpaceX’s BTC holdings back in 2021. He said:
” I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin.”
Also Read: Bitcoin, Dogecoin, Shiba Inu: Hereโs Which $1000 Investment Grew the Most
