Elon Musk’s Tesla Held Onto Its Bitcoin In Q4 Despite Market Disturbance

The EV Marke Continued to hold its estimated 9,720 Bitcoin, just losing $34 million on its investment because of price declines towards the finish of 2022.
Electric vehicle producer Tesla refused to offload any more Bitcoin during the latter half of 2022 despite selling off 75% of its holdings in the second quarter.

In its Q4 results report on Jan. 25, Tesla’s financials show it neither traded any of its Bitcoin for the second quarter in succession.The market turmoil in November and December did not affect this.The company has $184 million in digital assets.31,down from its $218 million in holdings from the quarter earlier due to $34 million of debilitation charges as Bitcoin’s price declined between the finish of September and December last year.

Bitcoin was around $19,500 on Sep. 30, before dropping practically 15% to $16,600 by Dec. 31.

The EV manufacturer also held onto its Bitcoin through Q3 last year in the wake of selling 75% of its Bitcoin during the second quarter. The Q2 deal added $936 million in cash to Tesla’s books and the firm profited $64 million.

However, its Bitcoin holdings or take on Bitcoin was not talked about in Tesla’s latest earnings call on Jan. 25. Tesla holds an estimated 9,720 BTC.
Generally speaking, Tesla recorded $5.7 billion in profits from $24.3 billion in revenues for Q4 with its net margins coming in at the lowest level in five quarters. The company posted a total profit of $20.8 million for 2022 from $81.4 billion in revenues.

The revenue figure missed analyst estimates however its profit showed improvement over consensus estimates.

Tesla’s share price was up somewhat on the day, shutting at an increase of almost 0.40%. It continued to trade emphatically late night, up almost 4.6% at the hour of composing, according to Google Finance.