Electric car maker Tesla sold 75% of its Bitcoin (BTC) holdings in the second quarter of 2022, but did not sell any more in the second half of 2022.
According to its latest fourth-quarter earnings, released on January 25, Tesla did not buy or sell any bitcoin. This is despite the massive market turmoil from the FTX collapse in November and December.
According to the company’s financial results, as of December 31, 2022, the company had $184 million in digital assets, and from the end of September to December last year, due to impairment losses of $34 million due to the decline in the price of Bitcoin, It was found to be down from $218 million in holdings last quarter.
Bitcoin dropped nearly 15% from around $19,500 on September 30, 2022 to $16,600 on December 31.
When Tesla sold 75% of its Bitcoin in the second quarter of last year, it added $936 million in cash to the company, making a profit of $64 million.
Tesla CEO Elon Musk said at the time that the sale was “to prove the liquidity of Bitcoin instead of holding cash on its balance sheet.”
However, at Tesla’s most recent financial results briefing held on January 25, it did not mention its bitcoin holdings or its thoughts on bitcoin. According to estimates, Tesla holds around 9,720 BTC.
All in all, Tesla posted revenue of $24.3 billion and a profit of $5.7 billion in the fourth quarter, its lowest gross margin in five quarters.
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
Leave a Reply