Bitcoin (BTC) held by Tesla continues to be value 33% lower than its 2021 buy worth, the newest information exhibits.
Precisely two years to the day that Elon Musk's firm added BTC to its stability sheet, the automaker continues to overlook out on most of its income.
Tesla and Bitcoin: From $1.5 billion to $225 million
Bitcoin and Tesla have confirmed to be an explosive mixture since CEO Musk introduced plans to purchase $1.5 billion value of BTC.
The February 2021 transfer got here as BTC/USD was on monitor for its first all-time excessive of the 12 months, which it hit in April, peaking at $58,000.
In keeping with monitoring web site information, Tesla's buy worth on the time was round $34,700 Bitcoin Treasures.
After promoting 10% of its holdings in March of that 12 months, Tesla grew to become a heavyweight dealer till surprisingly divesting itself of 75% of its remaining cash in July 2022.
This was at a loss as BTC/USD was buying and selling close to $23,000 on the time. The sale really happened within the second quarter of 2022 at a median worth of round $29,000 per coin.
Taking the hit appeared extra interesting to Musk, who claimed that the rationale for the sale was not a direct touch upon Bitcoin as an funding.
Since then, Tesla has hoarded 9,720 BTC, with subsequent worth motion nonetheless denying the corporate any funding positive aspects. In keeping with Bitcoin Treasuries, Tesla continues to be 33% wanting its remaining $225 million stash as of February 2023.
Tesla BTC Holdings vs USD Worth vs BTC/USD vs TSLA Chart (Screenshot). Supply: Bitcoin Treasuries
TSLA and BTC are rising collectively
Beforehand, Cointelegraph reported on the connection between the bitcoin spot worth and Tesla inventory, with each seeing a broad rally in early 2023.
Associated: Bitcoin Gained 300% within the 12 months Earlier than the Final Halving – Will 2023 be Totally different?
On the anniversary of Bitcoin's buy, TSLA is up 66% year-to-date, beating Bitcoin's positive aspects of practically 40%, information from Cointelegraph Markets Professional and trading view confirmed.
BTC/USD vs TSLA line chart. Supply: TradingView
Nonetheless, the restoration has didn't seize the creativeness of mainstream media, which this month selected to focus on Tesla's BTC internet losses in 2022, which totaled $140 million in US {dollars}.
Musk himself has arguably grow to be extra distinguished in reference to different cryptocurrencies, most notably Dogecoin (DOGE), which he has given appreciable consideration to on social media and elsewhere since 2021.
He not too long ago revealed funds to Twitter that he purchased final 12 months had been coming, and that they might ultimately embrace cryptocurrency.
The views, ideas, and opinions expressed herein are solely these of the authors and don't essentially replicate or characterize the views and opinions of Cointelegraph.
