Remember Tesla’s massive Bitcoin stash that Elon Musk bought in 2021? A chunk of it still sits in the company’s registered wallets, on-chain analysis firm Arkham confirmed in a recent tweet. Based on Bitcoin’s latest valuation, the company’s total stash now values at around 11,509 BTC or $997 million, just shy of a billion dollars.
Arkham tweeted:
Image Source: X
Tesla made headlines in 2021 when it purchased Bitcoin worth $1.5 billion from company revenue, totaling around 48,000 BTC. The move made the cryptocurrency economy a major talking point, as institutional interest in the premier digital currency was subdued then, and there were no Exchange Traded Funds (ETFs). The company subsequently sold around 10% of its holdings near the end of 2021 for a realized gain.
After this initial sale, Musk seemed to want to hold the cryptocurrency long term, as he often repeated the talking points of HODLers and crypto pioneers. He called cash stupid and BTC the least stupid among currencies.
However, in true Musk style, he flipped his apparent position entirely. In a lengthy X post, he said crypto had a lot to prove and was damaging to the environment. As a result, he said that he was going to sell a large portion of it. In total, the company sold about 34,200 BTC for $936 million, below its purchase price, essentially reporting a loss on the transaction.
The move drew instant backlash from the crypto community, and the news cycle amplified it considerably, tanking the BTC price index in the ensuing weeks. The company hasn’t made another purchase ever since.
However, four years have passed, and the remaining 11,509 BTC are still in the company’s wallets. No movements of the digital currency have been reported since, and after a major bull cycle, the asset has appreciated significantly. This roughly one-fourth of the original amount is valued at almost the same as the company’s massive 2022 sale: $1 billion. That is up from $314 million four years ago.
Musk and other Tesla executives have given no indication of what will happen to this Bitcoin stash. The world’s first reported trillionaire is not focused on his electric car manufacturer right now; instead, he has set his sights on SpaceX, which has become his most valuable asset over the years. The asset is likely to remain in place for a time before the company decides to cash in on the unrealized gains.
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