This morning, rumors circulated of a shock bitcoin (BTC) buy by Elon Musk’s Tesla. Citing a Securities and Alternate Fee (SEC) submitting, social media customers screenshotted supposed proof that Tesla had bought BTC within the fourth quarter of 2024 and elevated its stack to 11,509 BTC.
Nevertheless, the submitting doesn’t reveal any new purchases. It’s been frequent information that Tesla has owned at the least 11,509 BTC all through 2024 and as early as the primary quarter of 2023.
We’ve identified about Tesla’s greater than 11,500 bitcoin since Q1 2023.
Tesla has moved its BTC to numerous new wallets, together with an October 2024 switch to prime custody. Nevertheless, its holdings haven’t elevated in years.
A few of as we speak’s confusion stems from a BTC monitoring web site for companies, NVK’s BitcoinTreasuries.web, which inaccurately signifies that Tesla may need not too long ago added BTC to its stability sheet.
That web site, nonetheless, is an admitted pastime undertaking and isn’t exhaustively researched or maintained.
In reality, the world has identified that Tesla has owned 11,509 BTC since at the least the primary quarter of 2023. The company made no new purchases in 2024.
In reality, fairly than shopping for BTC over time, Tesla’s company holdings have truly decreased dramatically.
The corporate’s all-time excessive BTC possession was truly in 2021 when it owned 43,200 cash. Had it not offloaded the additional 31,691 BTC it held as of February 8, 2021, it may have been sitting on a further $1.6 billion.
Musk continues to deal with different areas of crypto except for BTC — particularly DOGE. He’s a fan of the memecoin and leads a US governmental advisory group of the identical title. Tesla didn’t personal any DOGE as of its December 31, 2024 earnings report.
