The EV maker continued to hold its estimated 9,720 Bitcoin, only losing $34 million on its investment due to price declines towards the end of 2022. 5462 Total views 37 Total shares Listen to article 0:00 News Own this piece of history
Collect this article as an NFT Electric vehicle manufacturer Tesla refused to offload any more Bitcoin (BTC) during the latter half of 2022 despite selling off 75% of its holdings in the second quarter.
In its Q4 results report on Jan. 25, Teslas financials show it neither bought or sold any of its Bitcoin for the second quarter in a row. This was despite the hefty market turmoil in November and December following the collapse of FTX.
The documents show the company holds $184 million in digital assets as of Dec. 31, down from its $218 million in holdings from the quarter prior due to $34 million of impairment charges as Bitcoins price declined between the end of September and December last year.
Bitcoin was around $19,500 on Sep. 30, before dropping almost 15% to $16,600 by Dec. 31.
The EV manufacturer also held onto its Bitcoin through Q3 last year after selling 75% of its Bitcoin during the second quarter. The Q2 sale added $936 million in cash to Teslas books and the firm profited $64 million.
Tesla CEO Elon Musk explained at the time the sale was to prove liquidity of Bitcoin as an alternative to holding cash on a balance sheet.
However, its Bitcoin holdings or take on Bitcoin was not discussed in Teslas most recent earnings call on Jan. 25. Tesla holds anestimated9,720 BTC.
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Overall, Tesla recorded $5.7 billion in profits from $24.3 billion in revenues for Q4 with its gross margins coming in at the lowest level in five quarters. The company posted a total profit of $20.8 million for 2022 from $81.4 billion in revenues.
In 2022, we produced & delivered 1.3M+ vehicles
In Q4 we achieved our highest-ever quarterly revenue, operating income & net income ? https://t.co/6WkUryAhKO pic.twitter.com/aOzmL76uja Tesla (@Tesla) January 25, 2023
The revenue figure missed analyst estimates but its profit did better than consensus estimates.
Teslas share price was up slightly on the day, closing at a gain of nearly 0.40%. It continued to trade positively after hours, up nearly 4.6% at the time of writing,according to Google Finance. #Bitcoin #Bitcoin Price #Tesla Motors #Tesla #Elon Musk Related News The biggest crypto heists of all time What is a crypto index fund, and how to invest in it? Bitcoin beats Tesla stock in 2022 as BTC price heads for 60% losses Tesla turns tables on Bitcoin as 2023 gains outpace BTC price comeback Bitcoin due for shake-up vs. gold, stocks as BTC price dips under $22.5K
