{"id":170123,"date":"2023-01-26T01:25:54","date_gmt":"2023-01-26T01:25:54","guid":{"rendered":"https:\/\/precoinnews.com\/?p=170123"},"modified":"2023-01-26T01:25:54","modified_gmt":"2023-01-26T01:25:54","slug":"elon-musks-tesla-held-onto-its-bitcoin-in-q4-despite-market-turbulence","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/elon-musks-tesla-held-onto-its-bitcoin-in-q4-despite-market-turbulence\/","title":{"rendered":"Elon Musk's Tesla held onto its Bitcoin in Q4 despite market turbulence"},"content":{"rendered":"
Electric vehicle manufacturer Tesla refused to offload any more Bitcoin (BTC) during the latter half of 2022 despite selling off 75% of its holdings in the second quarter. <\/p>\n
In its latest Q4 results report on Jan. 25, Tesla\u2019s financials show it neither bought or sold any of its Bitcoin for the second quarter in a row. This was despite hefty market turmoil in November and December on the collapse of FTX.\u00a0<\/p>\n
The documents show the company holds $184 million in digital assets as of Dec. 31, 2022, down from its $218 million in holdings from the quarter prior due to $34 million of impairment charges as Bitcoin\u2019s price declined between the end of September and December last year.<\/p>\n
Bitcoin was around $19,500 on Sep. 30, 2022, before dropping almost 15% to $16,600 by Dec. 31.<\/p>\n
The EV manufacturer also held onto its Bitcoin through Q3 last year after selling 75% of its Bitcoin during the second quarter. The Q2 sale added $936 million in cash to Tesla\u2019s books and the firm profited $64 million.<\/p>\n
Tesla CEO Elon Musk explained at the time the sale was to “prove liquidity of Bitcoin as an alternative to holding cash on a balance sheet.”<\/p>\n
However, its Bitcoin holdings or take on Bitcoin was not discussed in Tesla\u2019s most recent earnings call on Jan. 25. Based on estimates, Tesla holds about 9,720 BTC.<\/p>\n
Related: <\/em><\/strong>Trouble brewing for the US: Two-thirds of TradFi expects a 2023 recession<\/em><\/strong><\/p>\n Overall, Tesla recorded $5.7 billion in profits from $24.3 billion in revenues for Q4 with its gross margins coming in at the lowest level in five quarters. The company posted a total profit of $20.8 million for 2022 from $81.4 billion in revenues.<\/p>\n The revenue figure missed analyst estimates but its profits did better than consensus estimates. <\/p>\n Tesla\u2019s share price was up slightly on the day, closing at a gain of nearly 0.40%. It continued to trade positively after hours, up nearly 4.6% at the time of writing according to Google Finance data.<\/p>\n