What Happened to Tesla's Bitcoin (BTC) Holdings in Q1?

In its Q1 report, e-car maker Tesla revealed that its Bitcoin holdings had remained unchanged at approximately 11,950 BTC, equivalent to around $350 million.

While Tesla's Q1 earnings report revealed a slight dip in sales, coming in at $23.33 billion compared to the estimated $23.39 billion, the company met earnings per share (EPS) expectations of $0.85

Investors appeared unfazed by the sales miss, with Tesla shares trading only marginally lower in after-hours trading.

The e-car maker sold 75% of its Bitcoin holdings in June 2022, converting them into fiat and adding $936 million to its cash reserves.

Tesla initially invested in Bitcoin in February 2021, purchasing $1.5 billion worth of the cryptocurrency.  This investment significantly impacted the price of Bitcoin, pushing it to new highs at the time.  However, the audacious bet ended up being mostly a failure.