Anand Sinha
2 min read
In This Article:
Tesla (Nasdaq: TSLA), helmed by the billionaire tycoon Elon Musk, holds $1.25 billion in Bitcoin as of now, the latest data shows.
The electrical vehicle and clean energy company revealed on Apr. 22 that it held 11,509 Bitcoin — worth $1.05 billion on the day — on its balance sheet. The holdings have surged by $1.2 billion due to the recent uptick in BTC's price.
Tesla first made an announcement relating to Bitcoin when it revealed via a filing with the Securities and Exchange Commission (SEC) on Feb. 8, 2021, that it had invested approximately $1.5 billion to add 43,200 Bitcoin to its corporate balance sheet. It also announced its plan to accept the world's largest cryptocurrency as a payment mode.
The announcement sent Bitcoin soaring above $44,200.
In 2021, the firm began accepting Bitcoin payments for vehicle purchases on March 24 but abandoned this policy on May 12 due to concerns over the negative environmental impact of Bitcoin mining.
Tesla's decision sent Bitcoin reeling to approximately $49,300.
During Q1 2021, Tesla sold 10% of its Bitcoin holdings and generated $272 million in proceeds.
The firm next sold almost 75% of its remaining Bitcoin holdings worth $936 million during Q2 2022. It was left with only 9,720 BTC. Musk said the decision didn't reflect on Bitcoin's performance but the firm's need for cash.
As reported earlier, Tesla fell short of expectations regarding the company's revenue during Q1 2025 by a large margin. It reported $19.34 billion in quarterly revenue against the expectation of $21.3 billion.
Musk, who owns space tech company SpaceX and social media company X too, said that he would spend more time at the company and less at the Department of Government Efficiency (DOGE), the department tasked with slashing government expenditure, that he was appointed the de facto head of by President Donald Trump.
The TSLA stock was trading at 340.96 at the time of writing.
Bitcoin, which hit its record high of $111,970.17 on May 22, was trading at $108,963.37 at press time.
Elon Musk's Tesla holds billions in uncommon asset first appeared on TheStreet on May 23, 2025
