Tesla, the leading electric vehicle (EV) manufacturer, recently published its financial report for Q1 2024, revealing that despite a significant drop in total revenue, the company did not sell any of its Bitcoin (BTC) holdings.

In the report, Tesla disclosed that its total revenue decreased by 15.3% from $25.1 billion in Q4 2023 to $21.3 billion in Q1 2024. The company’s total gross profit also saw a decline from $4.4 billion to $3.6 billion over the same period.

Despite the revenue decline, Tesla retained its 9,720 BTC holdings, valued at approximately $646 million. Data from Arkham Intelligence indicates that Tesla’s total Bitcoin holdings amount to 11,509 Bitcoins, valued at over $765 million.

Currently, Tesla ranks as the third-largest Bitcoin holder, following MicroStrategy and Marathon Digital Holdings, which hold 214,245 BTC and 17,381 BTC, respectively. In March, reports revealed that the combined Bitcoin holdings of Tesla and SpaceX surpassed $1.3 billion. SpaceX, Elon Musk’s aerospace company, holds 8,285 BTC, valued at $550 million.

Following the release of Tesla’s financial report, Bitcoin experienced a 0.4% increase in the past 24 hours, trading at $66,500. The cryptocurrency reached an intraday high of $67,148. However, Bitcoin’s daily trading volume decreased by 3.8% to $23.8 billion.

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