- In its latest earnings report, Tesla revealed that it held onto its Bitcoin reserves without engaging in any transactions during the entire fourth quarter of 2023.
- With approximately 9,720 Bitcoins valued at $184 million, Tesla currently ranks as the fourth-largest publicly traded company with substantial Bitcoin holdings.
In its latest earnings report, Tesla Inc., the prominent electric vehicle manufacturer led by Elon Musk, confirmed that it retained its Bitcoin reserves throughout the entire fourth quarter of 2023. The company’s financial disclosures indicated a period of inactivity in terms of Bitcoin transactions, as neither sales nor purchases were executed during this timeframe.
As of now, the total value of Tesla’s digital assets is pegged at $184 million, with Bitcoin being the sole component of its cryptocurrency holdings. Tesla currently holds approximately 9,720 bitcoins, positioning itself as the fourth-largest among publicly traded companies with substantial Bitcoin portfolios. Notable entities ahead in this ranking include MicroStrategy led by Michael Saylor, Galaxy Digital Holdings, and Marathon Digital Holdings, according to data sourced from Coingecko.
Tesla’s involvement with Bitcoin traces back to February 2021 when the company made a significant investment of $1.5 billion, amassing around 43,000 coins initially. During the same month, Tesla announced plans to accept Bitcoin as a form of payment.
However, subsequent decisions led to a reversal of this policy, accompanied by a substantial reduction in Bitcoin holdings. The company sold 4,320 bitcoins early in 2021 and later offloaded 75% of its remaining stake at a loss in the preceding year. Tesla’s current stance indicates a more conservative approach, maintaining its existing Bitcoin reserves without engaging in further transactions during the fourth quarter of 2023.
Will Tesla Add Dogecoin (DOGE) To Its Portfolio?
Elon Musk has been one of the ardent supporters of Dogecoin (DOGE). The billionaire has been flirting with the memecoin for quite some time now which has also led to a strong investors’ rush for DOGE.
Last month, rumors were circulating within the crypto community as mentions of Dogecoin (DOGE) were uncovered in the code of Tesla’s Cybertruck page, sparking expectations that Elon Musk’s influence may pave the way for DOGE payments for the Cybertruck.
Crypto influencer Marty Party first brought attention to this discovery in October, revealing that the code for the Cybertruck checkout page includes over 50 references to Dogecoin. Despite the significant attention generated by this revelation, neither Tesla nor Elon Musk has officially confirmed the inclusion of DOGE as a payment option for the Cybertruck. The revelation of Dogecoin references coincided with the eagerly awaited Cybertruck sale that kicked off at the end of November.
In another major development, Elo Musk’s X Payments LLC. has recently been granted the Money Transmitter License by the state of Utah. This approval, effective from January 12, expands X Payments’ regulatory clearance to include Utah, in addition to previously secured licenses in key states like Wyoming, Rhode Island, Michigan, New Hampshire, and Missouri.
