I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.<\/p><\/blockquote>\n
As reported <\/a>by NewBTC, Tesla was probably trying to achieve a specific target for this Q1 and sold part of its BTC with that intent. Data provided<\/a> by The New York Times shows that the car manufacturer has a quarterly profit of $438 million an all-time high for the company.<\/p>\n
Also, Tesla made around $518 million with emissions credits to different companies. In comparison, last year the company made $164 million on this type of credit. In total, Tesla made over $1 billion during the first quarter of this year.<\/p>\n
The company faces difficulties like the global shortage of computer chips<\/a> said The New York Times report, and obstacles in its supply chain. However, Tesla\u2019s CFO or Master of Coin, his official title, Zach Kirkhorn said their Bitcoin investment \u201chas proven to be a good decision\u201d.<\/p>\n
Kirkhorn added that the company will continue to put some of its capital in BTC and grow its holdings vita its clients purchase with the cryptocurrency.<\/p>\n
Bitcoin Was Key In Tesla\u2019s Record Q1 Earnings<\/h2>\n
Reporter Clare Sebastian for CNN highlighted<\/a> that Bitcoin was the \u201csmall print\u201d in Tesla\u2019s report. The profit for liquidating that small portion of their BTC holdings accounted for almost 25% of their profitability.<\/p>\n
The company has a record of 7 quarters in profit, but now it faces the aforementioned crisis in its supply chain. Musk expects the chip shortage to continue until 2023, at least. Therefore, Bitcoin will most likely continue to be a central component in the company\u2019s financial strategy.<\/p>\n
Additional data provided<\/a> by monitor Bitcoin Treasuries shows that Tesla, Inc still holds second place in the ranking of public traded companies that bought BTC. The Musk-led entity holds around 48,000 BTC or .229% of the cryptocurrency\u2019s entire supply.<\/p>\n
Tesla ranks second in terms of BTC holdings. Source: Bitcoin Treasuries<\/figcaption><\/figure>\n MicroStrategy<\/a> sits at the top with 91,579 BTC or .436% of the supply. In total, $1,4 billion (6.78% of BTC total supply) is held by public traded companies.<\/p>\n
Bitcoin is trading<\/a> at $54.019 with a 2.7% profit in the daily chart. In the weekly and monthly chart, BTC is showing sideways movement.<\/p>\n
BTC with small profits in the daily chart. Source: BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":" Yesterday Tesla released its earnings report for Q1, 2021. In February, the company bought $1.5 billion in Bitcoin. Per the report, Tesla has sold at least 10% of its position for a $101 million profit. Both the company and its CEO Elon Musk received severe criticism from the crypto community and others. DDTG Global owner Dave Portnoy accused Musk of \u201cdumping\u201d his BTC on investors to \u201cmake a fortune\u201d. Tesla\u2019s CEO replied to Portnoy and explain the reason for his company\u2019s decision: I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet. As reported by NewBTC, Tesla was probably trying to achieve a specific target for this Q1 and sold part of its BTC with that intent. Data provided by The New York Times shows that the car manufacturer has a quarterly profit of $438 million an all-time high for the company. Also, Tesla made around $518 million with emissions credits to different companies. In comparison, last year the company made $164 million on this type of credit. In total, Tesla made over $1 billion during the first quarter of this year. The company faces difficulties like the global shortage of computer chips said The New York Times report, and obstacles in its supply chain. However, Tesla\u2019s CFO or Master of Coin, his official title, Zach Kirkhorn said their Bitcoin investment \u201chas proven to be a good decision\u201d. Kirkhorn added that the company will continue to put some of its capital in BTC and grow its holdings vita its clients purchase with the cryptocurrency. Bitcoin Was Key In Tesla\u2019s Record Q1 Earnings Reporter Clare Sebastian for CNN highlighted that Bitcoin was the \u201csmall print\u201d in Tesla\u2019s report. The profit for liquidating that small portion of their BTC holdings accounted for almost 25% of their profitability. The company has a record of 7 quarters in profit, but now it faces the aforementioned crisis in its supply chain. Musk expects the chip shortage to continue until 2023, at least. Therefore, Bitcoin will most likely continue to be a central component in the company\u2019s financial strategy. Additional data provided by monitor Bitcoin Treasuries shows that Tesla, Inc still holds second place in the ranking of public traded companies that bought BTC. The Musk-led entity holds around 48,000 BTC or .229% of the cryptocurrency\u2019s entire supply. MicroStrategy sits at the top with 91,579 BTC or .436% of the supply. In total, $1,4 billion (6.78% of BTC total supply) is held by public traded companies. Bitcoin is trading at $54.019 with a 2.7% profit in the daily chart. In the weekly and monthly chart, BTC is showing sideways movement.<\/p>\n","protected":false},"author":535,"featured_media":462469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-462468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n
Elon Musk Holds To His Bitcoin, But Why Tesla Sold 10% Of Its BTC?<\/title>\n<meta name=\"description\" content=\"Yesterday Tesla released its earnings report for Q1, 2021. In February, the company bought $1.5 billion in Bitcoin. Per the report, Tesla has sold at\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/elon-musk-holds-to-his-bitcoin-but-why-tesla-sold-10-of-its-btc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elon Musk Holds To His Bitcoin, But Why Tesla Sold 10% Of Its BTC?\" \/>\n<meta property=\"og:description\" content=\"Yesterday Tesla released its earnings report for Q1, 2021. In February, the company bought $1.5 billion in Bitcoin. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Elon Musk Holds To His Bitcoin, But Why Tesla Sold 10% Of Its BTC?","url":"http:\/\/uniquehot.com\/news\/elon-musk-holds-to-his-bitcoin-but-why-tesla-sold-10-of-its-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/elon-musk-holds-to-his-bitcoin-but-why-tesla-sold-10-of-its-btc\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-18.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-18.jpg?fit=1008%2C681"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-04-27T20:56:14Z","datePublished":"2021-04-27T20:56:14Z","dateModified":"2024-06-11T13:55:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Elon Musk Holds To His Bitcoin, But Why Tesla Sold 10% Of Its BTC?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/elon-musk-holds-to-his-bitcoin-but-why-tesla-sold-10-of-its-btc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/elon-musk-holds-to-his-bitcoin-but-why-tesla-sold-10-of-its-btc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Bitcoin-BTC-BTCUSD-18.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Bitcoin-BTC-BTCUSD-18.jpg?fit=1008%2C681\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-04-27T20:56:14Z\",\"datePublished\":\"2021-04-27T20:56:14Z\",\"dateModified\":\"2024-06-11T13:55:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-18.jpg?fit=1008%2C681","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/462468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=462468"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/462468\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/462469"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=462468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=462468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=462468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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