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Source: Сointеlеgrаph

Electric car maker Tesla refused to sell more bitcoin (BTC) in the second half of 2022 despite selling off 75% of its holdings in the second quarter.

In its latest fourth-quarter results report on Jan. 25, Tesla’s financials show that the company has not bought or sold bitcoin for the second quarter in a row. This was despite strong market turmoil in November and December due to the FTX crash.

The documents show that as of December 31, 2022, the company holds $184 million worth of digital assets, up from $218 million in the previous quarter due to $34 million in impairment losses as the price of bitcoin declined between the end of September and December last year. .

Bitcoin was worth around $19,500 on September 30, 2022, and by December 31, it was down almost 15% to $16,600.

The electric car maker also held on to its bitcoins until the third quarter of last year after selling 75% of its bitcoins in the second quarter. The sale in the second quarter added $936 million in cash to Tesla, for a profit of $64 million.

Tesla CEO Elon Musk explained that at the time, the sale was to “prove bitcoin’s liquidity as an alternative to keeping cash on a balance sheet.”

However, his bitcoin holdings or buying bitcoin was not discussed in Tesla’s latest earnings report on Jan. 25. Tesla is estimated to own around 9,720 BTC.

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Overall, Tesla posted a profit of $5.7 billion from $24.3 billion in fourth-quarter revenue, with its gross margin at its lowest in five quarters. The company’s total profit for 2022 was $20.8 million on revenue of $81.4 billion.

The revenue figure is not in line with analysts’ estimates, but its earnings were better than the consensus forecast.

Tesla’s share price edged up slightly on the day, closing up nearly 0.40%. It continued to trade positively after hours, up nearly 4.6% at the time of writing, according to Google Finance data.


Source: Сointеlеgrаph

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