Electric vehicle maker Tesla has refused to sell any more Bitcoin (BTC) in the second half of 2022, despite liquidating 75% of its holdings in the second quarter.
In its fourth-quarter results report, released on Jan. 25, Tesla’s financials show that has neither bought nor sold any BTC. This despite the strong market turmoil in November and December, caused by the collapse of the FTX exchange.
Documents show that as of Dec. 31, the company still held $184 million in digital assets (9,720 BTC)down from 218 million in the previous quarter due to the sharp devaluation of Bitcoin.
The EV maker had sold 75% of its Bitcoin in the second quarter of 2022, but has kept its crypto balance unchanged since then. The second-quarter sale added $936 million in cash to Tesla’s coffers, with a profit of 64 million over the initial purchase.
Tesla CEO Elon Musk explained at the time that the sale was aimed at “demonstrate the liquidity of Bitcoin as an alternative to holding cash on the balance sheet.“
Overall, in Q4 Tesla reported profits of $5.7 billion from $24.3 billion in revenues. For the full year of 2022, the company reported a total profit of $20.8 billion and $81.4 billion in revenue.
“In 2022, we manufactured and delivered more than 1.3 million vehicles. In the fourth quarter, we achieved our highest quarterly revenues, operating income and net income ever.”
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
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