Elon Musk's Tesla Loses This 'Crypto Battle' to MicroStrategy: Details

Crypto analyst William Clemente, cofounder of Reflexivity Research, has published a post that compares public companies by the amount of Bitcoin (BTC) they hold.

According to this table, business intelligence giant MicroStrategy is the leader of the list of 10 public companies that hold Bitcoin.

Public company Bitcoin stacking leaderboard pic.twitter.com/ic8pfISJ9M

— Will Clemente (@WClementeIII) August 17, 2023

MicroStrategy beats Tesla "Bitcoinwise"

MicroStrategy began accumulating Bitcoin in August 2020, setting this as a long-term strategy. Over subsequent years, it continued to buy large chunks of Bitcoin, spending millions of U.S. dollars on it and even issuing extra bonds to raise funds for BTC purchases.

Now, according to that table, the company spearheaded by its founder Michael Saylor (who stepped down as CEO recently) holds 152,800 Bitcoins on its balance sheet worth approximately $4.4 billion now. That is 0.728% of the total 21 million BTC supply. In April this year, Michael Saylor spread the word that the company spent another $29.3 million on Bitcoin; it now holds a total of 140,000 BTC. By now, the total supply held by MicroStrategy has grown to the aforementioned figure.

Elon Musk's Tesla comes third on this list, holding 10,725 BTC worth $309.8 million. It is yet not known how long data for which period this table shows since, just recently, it was reported that Tesla holds $184 million worth of Bitcoin on its balance sheet.

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Tesla's relations with Bitcoin

Elon Musk integrated Bitcoin payments for Tesla in early 2021 after the company purchased $1.5 billion worth of it. However, in a couple of months, Musk wound down this payment option for environmental concerns to do with Bitcoin mining. He stated that Tesla would resume selling its e-cars for Bitcoin again as soon as mining becomes at least 50% based on renewable sources of energy. This, according to Michael Saylor, was achieved in the same year.

In the meantime, Tesla still has not resumed accepting Bitcoin, but it does accept meme coin DOGE for its merchandise, and so does SpaceX. Dogecoin is mined on the same protocol as Bitcoin – proof-of-work – which is heavily criticized by environmental activists. Still, Musk does make a difference for these PoW coins, and it is in favor of Dogecoin.