👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

Here's What Happened to Tesla's Bitcoin (BTC) Holdings in Q1

Published 2023-04-19, 04:23 p/m
© Reuters.  Here's What Happened to Tesla's Bitcoin (BTC) Holdings in Q1
BTC/EUR
-
BTC/USD
-
BTC/EUR
-
BTC/JPY
-
BTC/USD
-
BTC/JPY
-
BTC/GBP
-
BTC/GBP
-

U.Today - In its Q1 , e-car maker Tesla (NASDAQ:TSLA) revealed that its Bitcoin holdings had remained unchanged at approximately 11,950 BTC, equivalent to around $350 million.

While Tesla's Q1 earnings report revealed a slight dip in sales, coming in at $23.33 billion compared to the estimated $23.39 billion, the company met earnings per share (EPS) expectations of $0.85.

Investors appeared unfazed by the sales miss, with Tesla shares trading only marginally lower in after-hours trading.

As , the e-car maker sold 75% of its Bitcoin holdings in June 2022, converting them into fiat and adding $936 million to its cash reserves.

Tesla initially invested in Bitcoin in February 2021, purchasing $1.5 billion worth of the cryptocurrency. This investment significantly impacted the price of Bitcoin, pushing it to new highs at the time. However, the audacious bet ended up being mostly a failure.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.