Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the news of Tesla holding $951M in Bitcoin.
Tesla Has $951M in Bitcoin Holdings
On Tuesday the market saw a major rebound as Bitcoin moved back above $90,000 with the momentum of a broader crypto rally. As stocks increased after months of underperformance it was announced that Tesla (TSLA) still holds almost $1 billion in bitcoin. This is according to the automaker's latest earnings report as the electric vehicle firm reported digital asset holdings worth $951 million as of March 31. This was down from $1.076b at the close of December, although that would be expected given the downturn in the market. Tesla currently holds 11,509 bitcoin in its balance sheet.
Tesla did not perform any transactions in the last three months but the Financial Accounting Standards Board (FASB) requires corporate holders of digital assets to begin marking those assets to market each quarter. Tesla also reported $19.34 billion in revenue for the first quarter of the year; analysts had expected the carmaker to rake in $21.37 billion. Much of this is likely attributed to the reaction of Elon Musk and his alliance with Donald Trump as part of DOGE.
The largest corporate Bitcoin holder, Strategy (MSTR), saw its shares increase by 8% while Coinbase (COIN) were up by 9%. The Nasdaq and S&P 500 saw increases of 2% and 1.7%, respectively. The rally in the TradFi market came about following reports of de-escalation between the United States and China as part of the tariff trade war. It will be important to look out for any further impacts of potential trade tariffs and how they could impact the market going forward, but for now things are look brighter for the first time in months.
Have a great day.
Peace. CryptoGod-1.
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