Bitcoin (BTC) held by Tesla is still worth 33% less than its 2021 purchase price, the latest data shows.
Two years to the day that Elon Musk’s firm added BTC to its balance sheet, most gains continue to evade the auto manufacturer.
Tesla and Bitcoin: From $1.5 billion to $225 million
Bitcoin and Tesla have proven an explosive combination since Musk announced that it would buy $1.5 billion in BTC.
The move in February 2021 came as BTC/USD was on its way to its first all-time high of the year, which it reached in April, topping out at $58,000.
Tesla’s purchase price was around $34,700 at the time, according to data from the tracking website Bitcoin Treasuries.
After selling 10% of its holdings in March of that year, Tesla became a heavyweight hodler until a surprise move announced in July 2022 saw it divest 75% of its remaining coins.
That was done at a loss, as at the time, BTC/USD traded near $23,000. The sale occurred during Q2 2022 at around $29,000 per coin.
Taking the hit appeared more appealing to Musk, who claimed that the rationale behind the sale was not a direct commentary on Bitcoin as an investment.
Since then, Tesla has hodled 9,720 BTC, with subsequent price action still denying the company any investment gains. According to Bitcoin Treasuries, Tesla is still 33% down on its remaining stash as of February 2023, worth $225 million.
TSLA and BTC rise in tandem
Previously, CoinStreetDaily reported on the relationship between the Bitcoin spot price and Tesla stock, both seeing a broad resurgence at the start of 2023.
Related: Bitcoin gained 300% in year before last halving — Is 2023 different?
As of the Bitcoin purchase anniversary, TSLA is up 66% year-to-date, outpacing Bitcoin’s gains of just under 40%, data from CoinStreetDaily Markets Pro and TradingView confirms.
The rebound has failed to capture the imagination of mainstream media, however, which this month opted to highlight Tesla’s 2022 BTC net losses, which in U.S. dollar terms amounted to $140 million.
Meanwhile, Musk has become arguably better known within the context of other cryptocurrencies, notably Dogecoin (DOGE), which he has given considerable publicity on social media and elsewhere since 2021.
Recently, he revealed that payments would be coming to Twitter, which he purchased last year, and that these could, at some point include cryptocurrency.
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