The electric car giant Tesla revealed that it didn’t sell any bitcoin in the first quarter of this year, maintaining its holdings of 9,720 BTC valued at around $711 million.Â
This marks seven straight quarters of no Bitcoin sales for Tesla, signaling a long-term “HODLing” strategy. Despite no sales, Tesla’s Bitcoin value surged due to BTC hitting a record high of $73,250 in March.
The decision not to sell aligns Tesla with MicroStrategy, led by Michael Saylor, which also refrains from selling its Bitcoin while actively acquiring more. MicroStrategy recently added 9,245 BTC to its portfolio, totaling 214,246 BTC.
This strategy contrasts with Tesla’s past move to sell 75% of its BTC holdings in 2022. However, Tesla’s current stance indicates confidence in Bitcoin’s future growth potential, especially after the recent Bitcoin halving event.
The absence of Bitcoin sales doesn’t suggest stagnation for Tesla, as the rising Bitcoin price significantly increased the value of its holdings. This strategic alignment with MicroStrategy hints at a shared belief in Bitcoin’s long-term value, positioning both companies to benefit from potential future price growth.
Also Read: Elon Musk’s Tweet Leads to 300 Million Dogecoin Transfer
