Tesla Keeps $184M Bitcoin Stash Despite 20% Net Income Drop

The electric car maker earned 20% less, but dearly clings to the 11,950 BTC stash.

Bitcoins are falling out of a fast-going white and black Tesla car as a spaceman is witnessing the event.
  • Tesla Inc. still has the same amount of BTC despite selling pressure.
  • Tesla’s (TSLA) profitability in Q1 of 2023 was 20% less than last year.
  • Bitcoin broke through $30,000 this month for the first time since 2022.

Today, the electric car manufacturer Tesla Inc. revealed its quarterly net income and earnings report. According to the report, the revenue was slightly lower than expected. However, the company still has $350,000,000 worth of Bitcoin, which marginally increased in price value during the first quarter of 2023.

Crypto Twitter Deems Tesla BTC Holdings Bullish

Tesla’s annual report was considered great news on Crypto Twitter, and some traders speculate that Tesla might face fierce competition from Apple Inc. during the next bull run.

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While this is a wild guess by crypto influencer Crypto Rover, it’s a fact that tech heavyweights like MicroStrategy are doubling down on their Bitcoin bets, as the early 2023 rally painted many institutional investors’ bags green.

Indeed, Michael Saylor confirmed that MicroStrategy paid off the Silverate loan and topped up the company’s Bitcoin stash with 6,455 BTC in five weeks. With an average price of $23,200, the latest investment seems to have paid off already.

Despite the enthusiasm from large tech companies, the leading digital asset fell sharply below the $30,000 milestone price range recently. At press time, Bitcoin trades at $28,873.18, according to CoinGecko

With a 1.2% downturn in the last 24 hours and 3.4% in weekly terms, Bitcoin still trades above the fundamental support at $28,000 but was fiercely rejected at a key level of resistance, possibly paving the way for altcoin season.

On the Flipside

  • Despite the balance sheet remaining flat from the previous quarterly report, it doesn’t mean Tesla’s Bitcoin bag is worth the same amount.
  • According to the current accounting rules, the fluctuating price isn’t booked – just the amount of Bitcoins.

Why You Should Care

Tesla not selling their Bitcoin indicates that one of the largest tech companies in the world considers BTC a long-term investment.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.