Tesla didn’t sell Bitcoin holdings despite plunge in Q1 earnings

The largest electric vehicle (EV) manufacturer, Tesla, released its financial report for Q1 2024 with no signs of selling any of its Bitcoin (BTC) holdings while its total revenue plunged.

According to the report, Tesla’s total revenue declined by 15.3% between Q4 2023 and Q1 2024 — falling from $25.1 billion to $21.3 billion. The company’s total gross profit plunged from $4.4 billion to $3.6 billion over the past two quarters.

However, despite the decreased revenue, Tesla didn’t sell any of its 9,720 BTC holdings, per data from Bitcoin Treasuries, — worth around $646 million at the time of writing. 

Data from Arkham Intelligence shows that Tesla has a total of 11,509 Bitcoins, worth over $765 million at the reporting time. 

The EV manufacturer is currently the third-largest Bitcoin holder after MicroStrategy and Marathon Digital Holdings with 214,245 BTC and 17,381 BTC, respectively. 

Per a crypto.news report in March, the total Bitcoin holdings of Tesla and SpaceX exceeded the $1.3 billion mark combined. SpaceX is also holding onto its 8,285 BTC, currently worth $550 million.

As the Tesla report came, Bitcoin gained 0.4% in the past 24 hours and is trading at $66,500 at the time of writing. The asset recorded an intraday high of $67,148 earlier today. Bitcoin’s daily trading volume, however, declined by 3.8%, reaching $23.8 billion.