Tesla hasn’t moved its Bitcoin holdings

In the fourth quarter 2022 financial report, Tesla disclosed that it had not bought or sold any such assets

Tesla published its financial report for the fourth quarter of 2022, revealing that it had not bought or sold any Bitcoin.

Elon Musk’s electric car company first added the flagship cryptocurrency to its balance sheet in February 2021, when it announced a $1.5 billion purchase of Bitcoin.

However, it then sold most of it during the second quarter of 2022, generating a profit of just over $63 million. Despite the turbulence in the cryptocurrency industry, caused by the bankruptcy of FTX and other high-profile firms, Tesla has held onto the coins for two consecutive quarters.

The bitcoin price crash had an impact on Tesla’s treasury. According to the recent earnings report, the company had $184 million in digital assets as of December 31, down from $218 million in the prior quarter.

The automaker reported an impairment charge on its bitcoin holdings, meaning the value of those assets fell below their book value or acquisition cost. In short, even though Tesla still holds the same amount of BTC, its value has gone down due to the decline in its market price.


Source: Diariobitcoin

(Reference image source: Paul Steuber, Unsplash)

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