This morning, rumors circulated of a shock bitcoin (BTC) buy by Elon Musk’s Tesla. Citing a Securities and Alternate Fee (SEC) submitting, social media customers screenshotted supposed proof that Tesla had bought BTC within the fourth quarter of 2024 and elevated its stack to 11,509 BTC.
Nevertheless, the submitting doesn’t reveal any new purchases. It’s been frequent information that Tesla has owned at the least 11,509 BTC all through 2024 and as early as the primary quarter of 2023.
Tesla has moved its BTC to numerous new wallets, together with an October 2024 switch to prime custody. Nevertheless, its holdings haven’t elevated in years.
A few of right now’s confusion stems from a BTC monitoring web site for firms, NVK’s BitcoinTreasuries.web, which inaccurately signifies that Tesla might need just lately added BTC to its stability sheet.
That web site, nonetheless, is an admitted pastime mission and isn’t exhaustively researched or maintained.
The truth is, the world has recognized that Tesla has owned 11,509 BTC since at the least the primary quarter of 2023. The company made no new purchases in 2024.
The truth is, reasonably than shopping for BTC over time, Tesla’s company holdings have truly decreased dramatically.
The corporate’s all-time excessive BTC possession was truly in 2021 when it owned 43,200 cash. Had it not offloaded the additional 31,691 BTC it held as of February 8, 2021, it might have been sitting on a further $1.6 billion.
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Musk continues to give attention to different areas of crypto apart from BTC — particularly DOGE. He’s a fan of the memecoin and leads a US governmental advisory group of the identical identify. Tesla didn’t personal any DOGE as of its December 31, 2024 earnings report.
