The rumors are back. Recently, there has been some unease in the dreadful silence maintained by Tesla regarding its Bitcoin investments. Questions were being asked on whether the electric car company still had its remaining Bitcoin holding or they had sold out.
Tesla and Bitcoin were among the best news the crypto industry had for the longest time. The first quarter of 2021 was one of the best days celebrated by the crypto community. You could compare this date to when humanity stepped on the moon, and you won't be wrong.
It was the first time a major tech company was investing more than $1 billion into Bitcoin. This Tesla Bitcoin investment touched the sacred depths of the crypto industry. It was one of the major drivers of the massive bullish market that followed suit. On the other hand, it signified the acceptance of the crypto industry in the corporate world.
Then Tesla sold 75% of their Bitcoin holdings. They sold these Bitcoins, and the crypto market was already headed into what turned out to be a massive bear market. It happened in the first quarter of 2022.
Tesla sold about 30,000 Bitcoins on their portfolio, taking more than $936 million home from the sale. The sale of these Bitcoins led to many questions, which later died down. But recently, the newest query is about what happened to the remaining 25% of Bitcoin Tesla have in their possession. There were speculations Tesla's Bitcoin investment had been totally sold.
But the company has clarified the issues and concerns regarding its Bitcoin holdings. Take a deep breath, as Tesla hasn't sold any of the remaining Bitcoin. It is still intact.
Tesla Holds Tight to Their Bitcoin Investments
According to their latest earnings report released Wednesday, the remaining Tesla Bitcoin investments are in safe hands. Apparently, the electric car company hasn't sold off even one of the remaining Bitcoins. In the same way, the company hasn't added more Bitcoin. In simple terms, their Bitcoin list has been stagnant since they made their multi-million sale in 2022.
After selling about 30,000 Bitcoins, Tesla had just about 10,725 Bitcoin in their possession. Despite the extreme bear markets in the crypto industry, the electric car company has surprisingly held on to its Bitcoin portfolio. Now their doubts have been cleared concerning Tesla. Many crypto fans are now asking if the company will add more Bitcoin to their portfolio.
Tesla and Bitcoin Progress
Tesla’s Q2 2023 earnings release shows the company has been making massive progress in its electric car production and sales.
According to the earnings release, Tesla earned $0.91 per share, which exceeded the predictions of many analysts. The good news continues with their revenue reports, as the electric car company generated an impressive $24.9 billion in revenue, surpassing the experts' predictions by over $700 million.
In the same way, Bitcoin has been making massive progress considering what it started the year with. At the beginning of the year, Bitcoin was less than $17k, but it now surpassed $30k at the time of writing.