Tesla’s Unmoved Bitcoin Stash Nears $1 Billion Valuation
Tesla’s Bitcoin holdings have remained untouched since 2022, according to on-chain analysis firm Arkham. The company currently holds around 11,509 BTC, valued at approximately $997 million, just shy of a billion dollars.
In 2021, Tesla made a splash by purchasing $1.5 billion worth of Bitcoin, totaling around 48,000 BTC. The move caught the attention of the cryptocurrency community, as institutional interest in Bitcoin was relatively low at the time. Tesla later sold about 10% of its holdings near the end of 2021, realizing a gain. Initially, Elon Musk seemed to favor holding Bitcoin long-term, even calling cash 'stupid' and Bitcoin the 'least stupid among currencies.'
However, Musk’s stance shifted dramatically. In a lengthy X post, he criticized crypto’s environmental impact and announced plans to sell a large portion of Tesla’s holdings. The company eventually sold about 34,200 BTC for $936 million, resulting in a loss. This decision sparked backlash from the crypto community and contributed to a drop in Bitcoin’s price.
Despite the tumultuous history, the remaining 11,509 BTC have not moved since 2022. The current valuation of this stash is nearly the same as the amount Tesla sold in 2022, reflecting a significant appreciation from its original value of $314 million. With no indication from Musk or Tesla executives about the future of these holdings, the Bitcoin stash is likely to remain in place for the foreseeable future.