Tesla’s Earnings Report Reveals Continued Bitcoin Holdings
According to Tesla’s recent earnings report for Q4 of 2022, the company has revealed that it did not sell any of the bitcoin (BTC) it holds on its balance sheet during the bear market. The report showed that Tesla held $184 million worth of “digital assets” as of the end of the year, which is a decrease from the $218 million reported for Q3. Notably, this marks the second consecutive quarter where Tesla has chosen to hold onto its digital assets, after selling off $936 million worth of BTC during Q2 of 2022 to raise cash during the COVID-19 lockdowns.
Tesla’s Digital Asset Strategy Remains Unclear
The earnings report did not provide any insight into Tesla’s future digital asset strategy. At the end of Q4, the bitcoin price was trading around $16,500, but has since risen by nearly 40% to trade at $23,000. While Tesla did not specify which specific digital assets it holds, it is widely believed that the majority of the $184 million is in the form of BTC. However, Tesla CEO Elon Musk has previously hinted that the company also holds some dogecoin (DOGE), but the exact amount remains unknown.
Tesla’s Record-Breaking Year
Despite the uncertainty in the macroeconomic environment and rising interest rates, Tesla’s report stated that 2022 was “another record-breaking year” for the company, with Q4 bringing in “the highest-ever quarterly revenue.” The report also highlighted that Tesla first added bitcoin to its balance sheet in February 2021, when it purchased $1.5 billion worth of the digital currency at a price point between $30,000 and $40,000.