Tesla has not made any changes to its Bitcoin holdings in Q1, keeping 11,950 BTC, which is equivalent to approximately $345 million. This marks the third consecutive quarter, when the company has not bought or sold any BTC.
In Q2 2022, Tesla sold 75% of its BTC holdings, worth $936 million, to meet unexpected expenses resulting from record production costs in China due to the COVID-19 lockdowns. However, Musk clarified that he did not sell his crypto holdings, which included Ethereum and Dogecoin.
Tesla made headlines in early 2021 by purchasing $1.5 billion worth of BTC and accepting BTC payments for its vehicles, but later suspended this payment method because of environmental concerns. Musk indicated that a company could resume accepting BTC payments once there is evidence that at least 50% of Bitcoin mining is powered by renewable energy.