Skip to main content

Tesla’s Q4 Balance Sheet Shows Bitcoin Holdings Worth $184 Million

Tesla's Q4 Balance Sheet Shows Bitcoin Holdings Worth $184 Million

Tesla’s latest balance sheet shows the company’s bitcoin holdings worth $184 million. Tesla did not sell any digital assets in the fourth quarter of 2022 despite the crypto winter and contagion in the crypto ecosystem.

Tesla’s Digital Assets Valued at $184 Million

Tesla Inc. (Nasdaq: TSLA) released its earnings results for Q4 2022 on Wednesday. The company’s balance sheet shows net digital assets of $184 million, down from $218 million in the previous quarter. According to its other financial statements, no digital assets were bought or sold during the fourth quarter.

The electric car company’s digital assets comprise mostly bitcoin. The reduced value of its crypto holdings is due to fluctuations in the price of BTC, which led to an impairment charge of $34 million. At the time of writing, bitcoin is trading at $23,087; it fell from about $47.8K to around $16.6K during 2022.

Tesla has not revealed how many bitcoin it owns but an industry estimate suggests that it is hodling about 9,720 BTC. Besides bitcoin, Tesla also holds a small amount of dogecoin (DOGE) which it acquired from selling some merchandise for the meme cryptocurrency. The company began accepting payments in dogecoin for some merchandise in January last year.

Tesla bought $1.5 billion worth of BTC in early 2021 and has not purchased any more since. However, the company dumped about 75% of its BTC holdings in the second quarter of last year. CEO Elon Musk explained at a time that Tesla sold its BTC in order to maximize its cash position due to the uncertainty as to “when the Covid lockdowns in China would alleviate.” He emphasized: “We are certainly open to increasing our bitcoin holdings in [the] future, so this should not be taken as some verdict on bitcoin.” He also mentioned that the company did not sell any DOGE.

Musk himself personally owns bitcoin, ether, and dogecoin. He tweeted in March last year that he still owns and will not sell any of the three cryptocurrencies. “I still own & won’t sell my bitcoin, ethereum or doge,” the billionaire wrote.

In Tesla’s earnings call with analysts Wednesday afternoon, Musk reiterated: “There’s going to be bumps along the way and we’ll probably have a pretty difficult recession this year, probably. I hope not, but probably.” While cautioning that “one can’t predict the short-term stock value,” the Tesla boss stressed:

But long term, I’m convinced that, Tesla will be the most valuable company on Earth.

What do you think about Tesla hodling bitcoin throughout the crypto winter? Let us know in the comments section below.



from Bitcoin News https://ift.tt/IgjGo0W

Comments

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...

Seven UK Companies Form Cryptocurrency Trade Body

Seven major crypto companies operating in the UK have announced the formation an independent cryptocurrency trade body. The group, Crypto UK, has stated that its principal aim is to “improve industry standards and engage policymakers.” Also Read:   Independent Ratings Agency Alerts Investors About Dangers of Tether Leading Cryptocurrency Companies form Crypto UK Trade Body Seven leading cryptocurrency companies operating the UK have formed an independent trade body tasked with developing self-regulatory standards for the cryptocurrency industry, in addition to “engag[ing] policymakers.” The members of Crypto UK are Coinbase, Etoro, Cex.io, Blockex, Commerceblock, Coinshares, and Cryptocompare – comprising trading platforms, exchanges, asset managers, merchants, comparison websites, and intermediaries from the cryptocurrency sector. “Regulation is Imminent” The Crypto UK chairman and managing director of Etoro, Iqbal Gandham, described the trade body’s mission as “promot[in...

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...