Elon Musk was highly interested in Bitcoin in 2021 and even sold Tesla cars with BTC. However, by mid-year, he criticized miners for environmental damage and took an opposing stance. Subsequently, China’s mining bans began, and BTC hit a low in July.
Did Tesla Sell Bitcoin?
Every earnings report, investors wonder what Elon Musk’s company did with its BTC. Did it buy new BTC? Or did it sell its holdings? According to the earnings report released on July 23, Elon Musk’s company neither bought nor sold any BTC. Approximately $756 million worth of BTC remains.
In previous reports, Elon Musk accelerated declines by selling during market downturns. However, it’s good to see no sales from Tesla this quarter. Even though Elon doesn’t care much about cryptocurrencies anymore, BlackRock‘s BTC ETF holds over $22 billion in BTC. The total reserve of all ETFs exceeds $50 billion, and institutional investors continue to show interest in cryptocurrencies, led by BTC.
Moreover, today ETH ETFs were also listed, surpassing the $1 billion volume threshold. Experts expect to see over $100 million in net inflows when data arrives in a few hours.
