Electric vehicle maker Tesla refused to offload any more Bitcoin (BTC) during the second half of 2022 despite selling 75% of its holdings in the second quarter.
In its latest fourth-quarter earnings report on Jan. 25, Tesla’s financials show that it did not buy or sell any of its Bitcoin for the second quarter in a row. This was despite strong market turmoil in November and December from the FTX crash.
The documents show that the company has $184 million in digital assets as of December 31, 2022, down from its $218 million in holdings the previous quarter due to $34 million of impairment charges as the price of Bitcoin declined between the end of September. and December of last year. .
Bitcoin was hovering around $19,500 on September 30, 2022, before falling almost 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 Bitcoin during the second quarter. The second-quarter sale added $936 million in cash to Tesla’s books and the company netted $64 million.
Tesla CEO Elon Musk explained at the time that the sale was to “test Bitcoin’s liquidity as an alternative to holding cash on a balance sheet.”
However, his Bitcoin holdings or Bitcoin stake were not discussed in Tesla’s most recent earnings. call on January 25. Based on dearTesla has around 9,720 BTC.
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Overall, Tesla posted $5.7 billion in profit on $24.3 billion in revenue for the fourth quarter with its gross margins hitting the lowest level in five quarters. The company posted a total profit of $20.8 million for 2022 from $81.4 billion in revenue.
In 2022, we produce and deliver more than 1.3 million vehicles
In the fourth quarter we achieved our highest quarterly revenue, operating income and net income → https://t.co/6WkUryAhKO pic.twitter.com/aOzmL76uja
—Tesla (@Tesla) January 25, 2023
The revenue figure missed analyst estimates, but its earnings were better than consensus estimates.
Tesla’s stock price rose slightly on the day, closing with a gain of almost 0.40%. It continued to trade positively after hours, up nearly 4.6% at the time of writing, according to Google Finance. data.
