- Tesla bought 43,770 BTC for $1.5 billion in February 2021 before selling 4,670 BTC for $260.2 million later that year for profit.
- Tesla moved 30,690 BTC to Coinbase during the 2022 LUNA collapse, sharply reducing its Bitcoin holdings to a near 8,430 BTC level.
- Arkham estimates Tesla and SpaceX now hold about $1.3 billion in Bitcoin after Tesla retained remaining BTC through the FTX crash.
Tesla still holds about 11,500 Bitcoin after cutting most of its position during the 2022 market crash. Arkham’s research found Tesla bought $1.5 billion in Bitcoin in February 2021, sold 4,670 BTC later that year, and moved 30,690 BTC to Coinbase during the LUNA collapse.
Tesla’s $1.5 Billion Bitcoin Purchase
Tesla bought 43,770 BTC on Feb. 1, 2021, at an average price near $34,270. Elon Musk directed the purchase as Tesla sought greater flexibility for its cash holdings. The position quickly gained value as Bitcoin climbed.
After two weeks, Tesla’s holdings exceeded $2 billion. Three weeks later, they reached about $2.5 billion. Tesla then sold 4,670 BTC across March and April 2021 for roughly $260.2 million. The company generated about $100.2 million in profit from those sales.
However, Tesla continued holding almost 40,000 BTC through the rest of 2021. At Bitcoin’s Nov. 7 peak, the position showed about $1.5 billion in additional profit.
LUNA Collapse Reshapes Tesla’s BTC Holdings
The next major change came during the Terra ecosystem collapse in May 2022. Tesla moved 30,690 BTC to Coinbase as Bitcoin prices fell sharply. Arkham’s research indicates Tesla intended to sell most of that transfer.
The move reduced Tesla’s holdings to about 8,430 BTC, worth roughly $250 million. However, on-chain activity in June suggested Tesla may have reacquired Bitcoin from Coinbase. It also remained possible that some transferred BTC never reached the market.
Following those movements, Tesla appeared to hold roughly 11,500 BTC. That figure has remained largely unchanged since mid-2022.
Tesla Held Bitcoin Through FTX Collapse
Tesla did not sell additional Bitcoin during the FTX collapse later in 2022. Bitcoin fell another 50%, leaving Tesla more than $100 million below its cost basis temporarily. Meanwhile, Tesla had earlier suspended Bitcoin vehicle payments after accepting BTC briefly.
The company cited concerns about Bitcoin mining’s environmental impact. Elon Musk’s public comments also addressed Bitcoin, Dogecoin, payments and renewable-powered mining.
Arkham additionally identified wallet activity associated with SpaceX that resembled Tesla’s transactions. At one point, Tesla and SpaceX together held more than $4.2 billion in Bitcoin. Their combined holdings now carry a value of roughly $1.3 billion.