Tesla's 2021 Bitcoin Bet: What Is It Worth Today?

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Tesla Inc's Bitcoin investment has become one of the longest-running corporate crypto bets on Wall Street—but it looks very different today than it did in 2021.

After selling most of its holdings during the 2022 crypto downturn, the electric vehicle maker still owns 11,509 Bitcoin, a position worth roughly $902 million at Bitcoin's current price of about $78,700.

Tesla's Bitcoin Bet

Tesla disclosed in February 2021 a $1.5 billion Bitcoin purchase, becoming one of the first major public companies to add the cryptocurrency to its balance sheet. The move, announced in a Securities and Exchange Commission filing, was widely viewed as a vote of confidence in Bitcoin as both a treasury asset and an alternative store of value.

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Just weeks later, Bitcoin's rally pushed Tesla's position above $2.5 billion on paper. But the company's strategy changed dramatically in 2022.

During the second quarter of 2022, Tesla sold approximately 75% of its Bitcoin holdings, citing the need to maximize cash amid COVID-related uncertainty in China rather than a change in its view of Bitcoin. The sale reduced Tesla's holdings to roughly 11,509 BTC, where they have remained ever since.