Tesla, owned by billionaire entrepreneur Elon Musk, presented its fourth-quarter results report, which showed that the company had not changed its Bitcoin holdings and still had $184 million worth of the cryptocurrency on hand.
In its Q4 results report on Jan. 25, Tesla revealed that, despite the market instability, it did not acquire or sell any of its bitcoin for the second consecutive quarter.
Although it sold off three-quarters of its Bitcoin (BTC) holdings in the second quarter, electric vehicle company Tesla decided not to sell any more during the second half of 2022. The Q2 sale increased Tesla’s cash on hand by $936 million, and the company made a profit of $64 million.
According to the documents, the company had $184 million in digital assets as of December 31, compared to $218 million the previous quarter. This decline is attributable to $34 million in impairment charges brought on by the price decline of bitcoin starting from the end of September to December of the previous year.
Tesla Reports Increase in Revenue
Notably, per-share earnings came in at $1.19, in contrast to the predicted $1.13. Tesla also reported a 33% rise in automotive revenue over the prior year, bringing its overall revenue to $21.3 billion.
In total, Tesla earned $5.7 billion from $24.3 billion in sales in Q4; however, its gross margins were at their lowest point in five quarters. From $81.4 billion in sales, the corporation reported an overall gain of $20.8 million for 2022. On the other hand, neither its Bitcoin holdings nor perspective on Bitcoin were covered in Tesla’s most recent earnings call on January 25.
In July of last year, Tesla sold off 75% of its entire holdings in bitcoin (BTC), which were worth up to $936 million. The selloff was the second time Tesla sold off its Bitcoin holdings. The first time was in Q2 2021, when the company sold off 10% of its assets as the price of bitcoin experienced a sharp increase.