Tesla selling Bitcoin last year turned out to be a $500M mistake
Tesla's remaining Bitcoin stash has grown 100% from its November 2022 lows, demonstrating that hodling BTC can indeed pay off. The price of Bitcoin (BTC) has grown by more than 50% since Tesla unveiled its approximately $1 billion BTC sales in July 2022. Are Tesla's Bitcoin trades profitable? Tesla infamously dumped nearly $936 million of its total Bitcoin holdings in Q2/2022, accounting for 75% of its remaining reserves, to secure a $64 million profit. At the time, Bitcoin was trading about 70% lower than its record high of $69,000 in November 2021. BTC/USD monthly price chart featuring Tesla's Bitcoin sales purchases and sales. Source: TradingView Originally, Tesla purchased $1.50 billion worth of Bitcoin in February 2021 at an average price of $36,000. The company then sold BTC worth $272 million to boost its Q1/2021 accounting by $101 million. The company has nevertheless held on to its remaining BTC as of Q4 2022 despite the price of Bitcoin sitting at bear-market l...