The EV manufacturer kept its projected 9,720 Bitcoin, losing only $34 million on its investment because to price drops near the end of 2022.
Despite selling 75% of its Bitcoin holdings in the second quarter, electric vehicle company Tesla has declined to sell any more during the second half of 2022.
Tesla’s financials in its Q4 results announcement on Jan. 25 show that it did neither buy or sell any of its Bitcoin for the second quarter in a row. Despite the significant market turmoil in November and December as a result of FTX’s demise.
According to the filings, the company held $184 million in digital assets as of December 31, down from $218 million the previous quarter due to $34 million in impairment costs as Bitcoin’s price fell between the end of September and December last year.
Bitcoin was around $19,500 on September 30, before falling over 15% to $16,600 by December 31.
The EV manufacturer likewise kept its Bitcoin till Q3 of last year after selling 75% of it in the second quarter. The Q2 sale added $936 million in cash to Tesla’s books and resulted in a $64 million profit.
Tesla CEO Elon Musk stated at the time that the sale was made to “show Bitcoin’s liquidity as an alternative to storing cash on a balance sheet.”
However, Tesla’s Bitcoin holdings or position on Bitcoin have not disclosed in its most recent earnings call on January 25. Tesla is thought to have 9,720 BTC.
Tesla earned $5.7 billion in profits on $24.3 billion in revenue in Q4, with gross margins falling to their lowest level in five quarters. From $81.4 billion in revenue, the corporation had a total profit of $20.8 million in 2022.
Although revenue fell short of analyst expectations, profit exceeded expectations.
Tesla’s stock rose modestly throughout the day, closing with a gain of approximately 0.40%. According to Google Finance, it continued to trade positively after hours, up roughly 4.6% at the time of writing.
