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Tesla’s Q4 2023 Financial Report: No Bitcoin Transactions in Q4 2023 Amidst Market Volatility

25 January 2024
in Latest News, News
Reading Time: 3 mins read
102 6
Home News Latest News

Electric vehicle (EV) manufacturing company Tesla didn’t sell or buy any of its Bitcoin holdings during the last quarter of 2023, according to its latest financial reports released on January 24, 2023. 

Currently, Tesla is the third-largest public holder of Bitcoin, trailing behind MicroStrategy and Marathon (MARA). The company presently possesses precisely 9,720 BTC tokens, valued at over $387 million, according to data from Bitcoin Treasuries.

In February 2021, Tesla made headlines when it acquired more than 43,000 BTC, amounting to about $1.5 billion, and concurrently announced it would accept Bitcoin as a payment method. 

However, during the second quarter of 2022, the company sold off over $936 million worth of its BTC holdings and transitioned towards the popular memecoin, Dogecoin. Elon Musk, Tesla’s CEO, clarified that this move was driven by escalating production costs in China and the need for “fresh capital” for the company’s new factories in the USA and Germany.

Notably, Bitcoin has been underperforming since the January 11 SEC approval of spot Bitcoin ETFs. The coin saw a 20% decline from its peak price of $49,500 to a low of $38,516 on Tuesday, January 23, 2024. 

However, despite the persistent downtrend and its decision to accumulate Bitcoin, Tesla reported positive news regarding its vehicle sales. The company disclosed manufacturing over 495,000 vehicles and delivering more than 484,000 vehicles. Additionally, it posted a full-year production of approximately 1.85 million vehicles, reflecting a 35% year-over-year growth, and a full-year delivery of over 1.81 million vehicles, indicating a 38% year-over-year growth.

MicroStrategy, the largest public holder of Bitcoin, has been aggressively buying the cryptocurrency in recent months. In December 2020, the company purchased 14,620 BTC tokens for over $615.7 million. As a result, the company’s overall Bitcoin holdings increased to 189,150 BTC coins, and its market value surged beyond $5.9 billion.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Precious James is a seasoned forex and crypto trader who loves sharing insights through engaging and accessible content. When not analyzing markets, Precious enjoys quality time with their beloved dogs. This blend of expertise and personal passion adds a unique, relatable touch to Defi Planet's content.

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