Tesla did not buy or sell Bitcoin during Q1 2023.
A well-known American manufacturer of electric cars has not changed the balance of its Bitcoins.
In the first quarter of 2023, Tesla did not buy or sell any Bitcoin from its investment portfolio. The American manufacturer of electric cars has been passive in this regard recently. According to the latest report presented by this innovative company, its BTC balance remained the same as during the previous quarter.
Tesla did not buy or sell Bitcoin in the first quarter of this year
On Wednesday, April 19, the well-known American manufacturer of electric cars published its latest report on financial results for the first quarter of 2023. This document shows that Tesla's BTC balance remained the same as at the stage of Q4 2022.
Tesla has made absolutely no changes to the amount of Bitcoin it HODLs for the third quarter in a row. Since the fall in the valuation of the oldest cryptocurrency that took place in January this year, the value of this leading cryptocurrency has increased by as much as about 80%. The BTC quotation rate steadily increased from around $16.5 thousand to the point where it exceeded the level of $30,000 per coin. Currently, after a slight correction, BTC passes from hand to hand at a price of about USD 28.7 thousand.
Tesla initially acquired Bitcoin in February 2021 for $1.5 billion. At one point, this US electric car maker's holdings in BTC were worth around $2.5 billion. The company then sold about 3/4 of its BTC holdings in the second quarter of 2022.
Some time ago, Tesla announced plans to accept the leading cryptocurrency as a form of payment for its cars. However, eventually the company owned by Elon Musk abandoned this idea, citing the negative impact of Bitcoin mining on the environment. Currently, however, this company accepts Dogecoin (DOGE) as a means of payment for some of its goods.
Since the beginning of 2023, Tesla share prices have increased by more than 54%. The uptrend started from $108.10 a share in January to $167.04 a share today. It is worth noting that over the last 24 hours Tesla shares fell by 7.5%.