Electric car maker Tesla has refused to sell Bitcoin (BTC) in the second half of 2022, despite selling 75% of its holdings in the second quarter.
In its latest fourth-quarter results report on Jan. 25, Tesla’s financials show it hasn’t bought or sold bitcoin for two consecutive quarters. This was in spite of significant market turmoil due to the collapse of his FTX in November and December.
According to the documents, the company had $184 million in digital assets as of December 31, 2022, and suffered $34 million in impairment charges as the Bitcoin price fell from late September to December last year. , down from $218 million in the prior quarter. .
Bitcoin was around $19,500 on September 30, 2022, and by December 31st had fallen about 15% to $16,600.
The EV maker held onto Bitcoin until the third quarter of last year after selling 75% of it in the second quarter. The second-quarter sale added his $936 million in cash to Tesla’s books and the company made a profit of his $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, Tesla’s most recent earnings call on Jan. 25 did not discuss its holdings of Bitcoin or its response to Bitcoin. Based on estimates, Tesla holds around 9,720 BTC.
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Overall, Tesla posted a profit of $5.7 billion from revenue of $24.3 billion in the fourth quarter, with its lowest gross margin in five quarters. The company posted his $20.8 million gross profit in 2022 from his $81.4 billion in revenue.
Produced and delivered more than 1.3 million vehicles in 2022
Achieved record quarterly sales, operating profit and net profit in the fourth quarter → https://t.co/6WkUryAhKO pic.twitter.com/aOzmL76uja
— Tesla (@Tesla) January 25, 2023
Sales fell short of analyst expectations, but earnings beat consensus expectations.
Tesla shares edged up on the day, closing close to 0.40% higher. Data from Google Finance shows it is up nearly 4.6% at the time of writing and continues to perform well after hours.
