Electric vehicle maker Tesla has refused to sell any more of its Bitcoin (BTC) reserves during the second half of 2022 despite having sold 75% of its holdings in the second quarter.
In its latest earnings report for the fourth quarter of 2022 and published on January 25, Tesla’s financials show that, for the second quarter in a row, it neither bought nor sold Bitcoin. And this despite the strong market turbulence in November and December, after the collapse of FTX.
The documents show that the company had USD 184 million in digital assets as of December 31, 2022, down from $218 million in holdings from the prior quarter due to the $34 million impairment loss due to the fall in Bitcoin’s price between late September and December of last year.
Bitcoin was hovering around $19,500 on September 30, 2022, before falling nearly 15% to $16,600 on December 31.
The electric vehicle maker also held onto its Bitcoin until the third quarter of last year after selling off 75% of its coins during the second quarter. The second-quarter sale added $936 million in cash to Tesla’s records, giving the company a realized gain of $64 million.
Tesla CEO Elon Musk He explained at the time that the sale was to “test Bitcoin’s liquidity as an alternative to holding cash on a balance sheet.”
NeverthelessHis Bitcoin Holdings and Cryptocurrency Opinion Were Not Discussed on Tesla’s Latest Earnings Call, on January 25. According to estimates, Tesla owns about 9,720 BTC.
Overall, Tesla posted $5.7 billion in profit from $24.3 billion in revenue in the fourth quarter, with its gross margins at the lowest level in five quarters. The company posted total profit of $20.8 million in 2022 from revenue of $81.4 billion.
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 earnings beat consensus estimates.
Tesla’s stock price rose slightly during the day on January 25, closing with a gain of almost 0.40%. It continued to trade positive after the close, up almost 4.6% at press time, according to data from Google Finance.
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