Last updated on May 18th, 2024 at 12:13 pm
Tesla, the Elon Musk-owned electric car company, recently released its Q4 report, revealing that the company maintained its total Bitcoin holdings despite a mixed financial performance within this period.
According to the recently released financial report for 2023, the automotive and energy company recorded $25.2 billion in revenue with a profit of $2.1 billion.
The report did not indicate any activity relating to Bitcoin, suggesting that Tesla did not buy more or sell its holding of 9,720 BTC. The fact that the biggest cryptocurrency by market capitalization isn’t mentioned suggests that Tesla didn’t exchange its Bitcoin for fiat money, a transaction that these kinds of disclosures would usually contain.
Consequently, the company maintains its position as the third-largest Bitcoin holder among publicly listed companies. According to data from Bitcoin Treasuries, only Microstartegies Inc. and Marathon Digital Holdings hold more BTC than Tesla with 189.150 BTC and 13.726 BTC respectively.
Tesla’s Bitcoin journey
Tesla started its Bitcoin investment in February 2021 when the company invested a staggering $1.5 billion in the asset, positively impacting the price of the coin.
To test the liquidity of the Bitcoin market, Tesla sold a portion of its BTC by the end of the same year, leaving the company with a holding worth approximately $1.99 billion.
In the second quarter of 2022, Tesla made a move to sell about 75% of its BTC holdings consequently increasing its cash reserves by $936 million.
Tesla’s Q4 performance
According to its Q4 report, Tesla made $25.2 billion in total sales in the fourth quarter of last year, up 3% from the same period the previous year. In the fourth quarter, the company’s earnings per share came in at 71 cents, which was less than the 74 cents per share analysts had predicted.
The company’s balance sheet shows a detailed asset portfolio including cash and solar energy systems. In the fourth quarter of last year, the company’s net income increased to $7.9 billion from $3.7 billion in the same period the year before.
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