"Tesla's investor report contains yet another disappointing revelation."

On July 24 (local time), U.S. financial media outlet CNBC reported that Tesla sold 75% of its Bitcoin holdings at the worst possible time, thereby missing out on potential profits worth billions of dollars. The report pointed out that Tesla incurred a massive opportunity cost loss by disposing of 75% of its Bitcoin during the market crash in the second quarter of 2022.

Elon Musk, Tesla's CEO, was a prominent supporter of Bitcoin until early 2022. He publicly stated, "I still own Bitcoin, Ethereum, and Doge, and I will not sell," expressing his trust in virtual assets. In February 2021, CEO Musk described Bitcoin as a "better asset than cash," and Tesla purchased $1.5 billion worth of Bitcoin in early 2021. At the time, Tesla explained that the investment was made to diversify its portfolio and in anticipation of the long-term potential of digital assets.

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In mid-2022, the end of the COVID-19 special demand, combined with interest rate hikes by the U.S. Federal Reserve, rapidly dried up market liquidity. Additionally, as the collapse of Terra·Luna triggered a series of failures in the DeFi industry, Bitcoin plummeted by more than 60% within a year. It is estimated that Tesla sold 75% of its Bitcoin holdings between March and June of that year. In June 2022, the price of one Bitcoin fell to around $17,700.

In its Q2 earnings report, Tesla announced that its digital asset holdings increased from $722 million a year earlier to $1.24 billion, thanks to the recent surge in Bitcoin prices. Ironically, after Tesla sold its Bitcoin, the price rebounded sharply. Over the past year, Bitcoin has soared by 80%, and the current price per coin has exceeded $119,000. This is more than a sixfold increase compared to the time when Tesla sold off its large Bitcoin holdings. This surge is partly due to the Donald Trump administration's pro-virtual asset stance and active efforts to ease related regulations.

CNBC estimated that if Tesla had not pressed the sell button at that time, Tesla's digital assets would currently be worth about 5 billion dollars. The Bitcoin worth 936 million dollars cashed out at that time is now estimated to be valued at 3.5 billion dollars (approximately 4.8 trillion won).

It means losing the current value of 4.8 trillion won

CEO Musk has consistently emphasized that Tesla's future depends not on virtual asset investments but on robotaxis and humanoid robots. While he seeks breakthroughs in next-generation technologies for Tesla's core business, recent quarterly results show that Bitcoin has actually supported Tesla's profits. CNBC analyzed that Tesla's Bitcoin valuation gains in Q2 amounted to $284 million, accounting for a significant portion of its net profit of $1.17 billion.

In its Q2 2025 (April?June) results, Tesla reported revenue and net profit below market expectations. Total revenue declined by about 12% year-on-year, and revenue from the automotive division dropped by 16%. Tesla's stock price has fallen by about 25% this year, marking the largest decline among major big tech stocks. With both revenue and net profit falling short of expectations and the stock price hitting rock bottom, Bitcoin has played a partial role as a relief pitcher, offsetting some of these losses.