News - Tesla sticks to its Bitcoins

By Sam Fröling

Tesla sticks to its Bitcoins

After last year's strong sales, Tesla is sticking with its Bitcoin. Is the company even expanding its wallet?

The automaker Tesla continues to hodle its Bitcoin holdings. That's according to its second-quarter report. In total, Elon Musk's company holds $184 million in cryptocurrency. However, that is only a fraction of what Tesla's once owned. In February 2021, the company invested nearly 1.5 billion in Bitcoin and briefly accepted BTC as payment.

In mid-2022, the automaker converted 75 percent of its holdings to cash to deal with production bottlenecks in Asia. This was followed by another sell-off in the fourth quarter of 2022, from US$218 million to now US$184 million in Bitcoin.

Musk open to new attempt at Bitcoin

The BTC price has risen more than 80 percent since the beginning of the year. The strong performance could encourage Tesla to expand its position. Overall, Elon Musk already showed himself "open" to a renewable entry into Bitcoin in an investor interview last year.

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