Tesla’s high-stakes anchor on Bitcoin still keeps the company in a haze. Elon Musk encountered rare earnings miss. So, the BTC tribe is not sure what Elon Musk is going to do in a situation like this!
# Tesla’s Stance and Its Current Status
The tech giant reported a revenue of $19.34 billion in the initial quarter of the ongoing financial year. That is shortly below Wall Street’s projected value of $21.37.
However, there is a major stake in Elon Musk’s Tesla in BTC holdings. Meanwhile, the market well knows that BTC price fluctuates like anything.
In this situation, this stablecoin’s status has indeed been quite tarnished, especially after the sustained price deficit throughout January and February.
Wait, that’s not all. Tesla has not sold any of their crypto assets throughout the quarter. Here’s what they have in their reserve.
#The BTC Dominar
Tesla is one of the major whales of BTC, at least till now. The FY closing on March 31 saw Tesla gain $951 million from the investments in digital assets. However, the earnings are still a cut below the previous quarter’s figures ($1.076 billion).
You can blame the staggering 12% drop in BTC price for these ditched earnings. Arkham Intelligence reports that Tesla hasn’t sold a single fragment from their BTC holdings. So, the drop in earnings can be purely attributed to the slackening BTC price. Not to coin sales, from tesla’s end.
To date, Tesla has 11,509 BTC untouched. Meanwhile, BTC rebounding to approximately $93,000 by this week will surely push the earnings of the coin to above $1 billion!
