Tesla did not sell bitcoin between October and December despite the price crash.
The results of You’re here positively surprised the market, since the electric car manufacturer exceeded consensus expectations for revenue and earningsbut they have also occupied much of the attention of investors in the following areas cryptocurrencies. As evidenced by its quarterly figures, the company led by Elon Musk keep on going without selling any of its more than 9,700 bitcoins (BTC). despite a sharp drop in price after the collapse of FTX.
Documents from the American manufacturer show that the company had $184 million in digital assets as of December 31. compared to $218 million in the previous quarter. The decrease of $34 million in impairment charges corresponds to this price drop, which follows the drop in prices recorded during the last months of the year. So far in 2023, however, the price of the queen cryptocurrency has rebounded almost 40%.
It should be remembered that Tesla sold 75% of its bitcoins in the second quarter of 2022.adding $936 million in cash to the automaker’s accounts and making a profit of $64 million. Musk explained that the operation was done to “test the liquidity of bitcoin as an alternative to holding cash on a balance sheet.”
“We are certainly open to increasing our bitcoin holdings in the future, so this should not be taken as a verdict on bitcoin. It’s just that we were concerned about the overall liquidity of the business.“, had then affirmed the controversial mogul.
You’re here continues to be one of the greatest holders of bitcoin held by a listed company, after MicroStrategy with over 130,000 BTC (about $2.5 billion) and Galaxy Digital Holdings with 40,000 BTC (about $670 million).
It is important to note that the American manufacturer went so far as to accept bitcoin as payment currency for its vehicles less than two months ago before ceasing to do so in May 2021. Mr. Musk indicated several months ago that the company could start accepting bitcoins again once it carried out a due diligence on the amount of renewable energy needed to extract the currency.
Tesla first invested in the world of cryptocurrencies in February 2021, buying bitcoins worth $1.5 billion.