Tesla Holds on to Bitcoin Despite Crypto Market Turbulence
• Tesla, the electric car company owned by Elon Musk, did not sell any of the bitcoin (BTC) it holds on its balance sheet during the bear market, according to its latest earnings report.
• The earnings report revealed that Tesla held $184m worth of “digital assets” as of the end of the year, down from $218m as reported for the third quarter.
• The bitcoin price traded at around $16,500 as of the end of the quarter, but has since gained close to 40% to trade at $23,000.
Tesla, the pioneering electric car company owned by Elon Musk, has released its latest earnings report, revealing that it held on to its bitcoin (BTC) holdings despite the turbulent crypto market. The report showed that Tesla had $184m worth of “digital assets” as of the end of the year, down from $218m as reported for the third quarter.
The report comes after Tesla revealed in its second quarter of 2022 earnings that it had sold off some $936m worth of BTC to raise cash amid COVID lockdowns. However, the latest report showed that Tesla did not buy or sell any digital assets during the quarter, indicating that the company is committed to holding on to its coins.
The bitcoin price was around $16,500 as of the end of the quarter, but has since gained close to 40% to trade at $23,000. This shows that Tesla was wise to hold on to its coins, which have since increased significantly in value.
It is believed that the majority of the $184m held by Tesla is in the form of BTC. However, Elon Musk has previously indicated that the company also holds some dogecoin (DOGE), although it remains unknown exactly how much. Tesla has never officially announced a purchase of DOGE, but it is known that the company accepts the meme coin as payment for its cars.
Overall, Tesla’s latest earnings report shows that the company is committed to holding on to its digital assets, despite the uncertainty in the crypto market. This is a strong vote of confidence from one of the world’s most influential companies and could help to further legitimize digital currencies in the eyes of mainstream investors.
