Tesla has been a long-term holder of Bitcoin since purchasing it in 2021 but has readjusted its holdings frequently. During the first quarter of 2022, the company held $1.261 billion worth of Bitcoin, but this significantly dropped to around $218 million in the second quarter due to the crypto crash fueled by the Terra Luna UST crash.

Tesla held onto its Bitcoin during the third quarter, but during the fourth quarter, it announced holdings of about $184 million, which coincided with another crypto crash caused by the FTX and Alameda Research implosion.

In the first quarter of 2023, Tesla's Bitcoin holding remains unchanged at around $184 million, despite a 70 percent gain in Bitcoin's price. However, accounting rules currently do not allow for Bitcoin gains to be booked.