The EV maker retained its estimated 9,720 bitcoins, and by the end of 2022 had lost only $34 million due to depreciation.
Electric vehicle manufacturer Tesla has refused to offload any more bitcoin

Make a ticker below

In the second half of 2022, it also sold 75% of its stake in the second quarter.

In its Q4 results report on Jan. 25, Tesla’s financial funding shows that it didn’t buy or sell any of its bitcoin until the second quarter. This followed the FTX collapse and massive market turmoil in November and December.

Documents show the company has $184 million in digital assets as of Dec. 31, compared with the previous quarter due to $34 million in impairment charges due to the drop in bitcoin price from late September to December last year that reduced holdings to $218 million .

Bitcoin hovered around $19,500 on Sept. 30 before falling nearly 15% to $16,600 by Dec. 31.

The EV maker also held its bitcoin through Q3 last year, selling 75% of its bitcoin in the second quarter. Q2 sales added $936 million in cash to Tesla’s books and generated a $64 million profit for the firm.

Tesla CEO Elon Musk explained at the time that the sale was “to prove the liquidity of bitcoin as an alternative to putting cash on the balance sheet.”

Stay safe on Web3. Learn more about Web3 Antivirus →
However, Tesla did not discuss its Bitcoin holdings or capture Bitcoin in its most recent earnings call on January 25. Tesla holds an estimated 9,720 BTC.

RELATED: Problems arise for America: Two-thirds of Tradfy shares expect 2023 slowdown

Overall, Tesla posted a $5.7 billion profit on fourth-quarter revenue of $24.3 billion and its gross margin hit its lowest level in five quarters, pushing the company to $81.4 billion in revenue in 2022 for a total profit of $20.8 million.

Revenue data missed analyst estimates but its profits performed better than consensus estimates.

Tesla’s share price rose slightly that day, closing up about 0.40%. It was trading positively after hours, up about 4.6% at the time of writing, according to Google Finance.

Source: CoinTelegraph