Last Updated on January 26, 2023 by Bitfinsider
For the second consecutive quarter, according to Tesla’s financials, it neither bought nor sold any of its Bitcoin, as reported in its Q4 results announcement on Jan. 25. This was true notwithstanding the significant market turbulence that followed the collapse of FTX in November and December.
According to the documents, the company had $184 million in digital assets as of December 31 as opposed to $218 million the previous quarter. This decline is attributable to $34 million in impairment charges brought on by the price decline of Bitcoin between the end of September and December of the previous year.
On September 30, bitcoin was around $19,500. By December 31, it had decreased by almost 15% to $16,600.
The EV manufacturer also kept holding onto its Bitcoin into the third quarter of last year after selling 75% of it in the first. The Q2 sale increased Tesla’s cash on hand by $936 million, and the company made a profit of $64 million.
Tesla’s most recent earnings conference on January 25 did not address its Bitcoin holdings or position, though. On an estimate, Tesla has 9,720 Bitcoin.
In total, Tesla earned $5.7 billion from $24.3 billion in sales in Q4; but, its gross margins were at their lowest point in five quarters. From $81.4 billion in sales, the corporation reported a total profit of $20.8 million for 2022.
Although the revenue total fell short of analyst expectations, the profit exceeded consensus expectations.
The share price of Tesla closed the day with a gain of around 0.40%. After hours, it continued to trade favorably and was already up around 4.6%.
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