- E-car maker Tesla declares not to sell any Bitcoin in Q3 of 2023.
- Tesla’s foray into Bitcoin accumulation began in 2021 with $1.5B.
- Experts point to the nearing Bitcoin ETF as a game-changing event.
Tesla, the leading electric car manufacturer, published their quarterly report for Q3 of 2023. Fortunately for cryptocurrency aficionados, the latest report affirms that Tesla’s huge Bitcoin (BTC) stash was untouched.
The company holds a total of 9,720 Bitcoins, equivalent to $276,756,102 at the time of writing.
Corporations Prepping for Luring Bitcoin ETF?
The positive shift from the longest bear cycle in the history of crypto is becoming more apparent as Fidelity Investments successfully submitted the revised version of its Bitcoin exchange-traded fund (ETF) proposal.
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While it’s yet unclear whether the U.S. Securities and Exchange Commission (SEC) will approve the enhanced version of the highly-anticipated ETF, one thing is for sure: the language and tone regarding a Bitcoin Spot ETF has changed.
This was spotted by market analyst Scott Melker, who sees the altered rhetoric as a long-awaited breakthrough as the SEC nears the deadline to appeal Grayscale’s historical victory last month. As Grayscale prepares to defend its case, other big players like Michael Saylor’s MicroStrategy continue to accumulate.
Tesla and MicroStrategy, the two siblings of crypto in the corporate world, accumulated Bitcoin before its greatest run in 2021. However, Tesla’s BTC road seems far bumpier, as Elon Musk expressed a lack of confidence in Bitcoin, deeming its environmental impact too high.
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This has resulted in Tesla selling a whopping 4,320 BTC of its initial treasury holdings in the first quarter of 2021. A year later, Tesla sold the BTC at a 48% deficit, setting the company back $204 million.
Ultimately, this was done to “maximize cash position” amid the Coronavirus crisis. The tech mogul Elon Musk explained he was uncertain when COVID lockdowns would end, causing the company to bid adieu to 75% of its Bitcoin holdings.
On the Flipside
- Bitcoin’s price is not resilient to major global financial and environmental factors.
- The combination of inflation & warfare in several regions could prolong the bear cycle.
Why This Matters
Large publicly traded companies like Tesla (TSL) keeping some of their treasury holdings in crypto is favorable for long-term retail adoption.
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