ZyCrypto 2025-04-23 17:20:51

Tesla Still Holds Almost $1 Billion In Bitcoin As Elon Musk Promises To Step Back From DOGE

Even after about three years since it placed its bet on Bitcoin, Tesla, the leading electric car manufacturer, helmed by centibillionaire Elon Musk, has confirmed that it continues to hold BTC on its balance sheet despite the market conditions. Meanwhile, Musk told shareholders that his time spent running President Donald Trump’s so-called Department of Government Efficiency will drop “significantly” starting in May. Tesla’s 11,509 BTC Remains Intact Tesla’s latest earnings report shows it held 11,509 Bitcoin in its reserves throughout Q1 2025 without selling any. The BTC price ended the first quarter down roughly 11.7%, leaving Tesla’s Bitcoin holdings valued at around $951 million by the end of Q1 2025. But, with Bitcoin jumping 5% to $93,741 as of publication time, the automaker’s Bitcoin stash has reclaimed the $1 billion threshold. This makes Tesla the sixth-largest publicly traded holder of Bitcoin behind Saylor’s Strategy, MARA Holdings, Riot Platforms, Galaxy Digital, and CleanSpark, according to Bitcoin Treasuries data. Tesla initially acquired a whopping $1.5 billion worth of Bitcoin back in February 2021, propelling the price of the benchmark crypto to new record highs. The company, however, sold 10% of its Bitcoin cache in Q1 2021; according to CEO Elon Musk, this was “to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.” Tesla last offloaded Bitcoin in Q2 of 2022, reducing its holdings by 75% by dumping $936 million worth of the asset at the time. It remains to be seen whether Tesla will add more BTC to its balance sheet, but Musk has indicated that “he’s open to increasing its Bitcoin holdings in the future.” Musk Says He’ll Step Back From DOGE In the Tuesday earnings call, Musk said he will start spending less time working at the Trump administration’s Department of Government Efficiency (D.O.G.E.) to focus more on Tesla. “Starting probably next month, May, my time allocation to DOGE will drop significantly. I’ll be allocating far more of my time to Tesla now that the major work of establishing the Department of Government Efficiency is done,” Musk quipped. Musk has been leading the charge at the newly created extragovernmental initiative since last year, putting the world’s richest man at the heart of cutting wasteful US spending. He said he’ll continue to spend a “day or two per week” on his prominent government gig “for as long as the president would like me to do so.” As you surely know by now, the Department of Government Efficiency has an acronym that is identical to the ticker symbol of Musk’s favorite cryptocurrency, Dogecoin .

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https://www.digistore24.com/redir/325658/ceobig/

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