Electric car maker Tesla revealed on Wednesday that its bitcoin (B T c) holdings remained untouched through the first quarter of 2023.
According to Tesla’s quarterly earnings report, the value of “digital assets” held on the company’s balance sheet was $184 million. Same was the case for the previous quarter,
Despite a significant increase in the spot price of bitcoin during the quarter, the value remained flat, given the accounting rules under which Tesla operates, which do not allow unrealized gains on such holdings to be booked.
For the quarter, Tesla reported adjusted earnings per share of $0.85, which beat most analysts’ expectations.
The firm’s revenue came in at $23.33 billion, which was below analysts’ expectations of $23.6 billion.
BTC holdings remained unchanged for the third consecutive quarter
Tesla has followed this up with its digital assets for the third consecutive quarter in the first quarter of 2023. Sold BTC worth around $936 million during the second quarter of 2022 to raise cash amid the Covid lockdown.
Tesla never reveals how many BTC it holds, and instead only reports the US dollar value of all its digital assets. However, it is believed that the vast majority – if not all – of the $184m is held in the form of BTC.
The carmaker has around 9,720 BTC on its balance sheet, according to an estimate by bitcoin company Coinite.
Notably, Tesla chief Elon Musk has also indicated in the past that the company also owns some Dogecoin (Doge), although how much is unknown.
Tesla never announced the purchase of DOGE, but it is known that the company accepts meme coin as payment Some of its merchandise to be sold online.
Tesla shares opened Thursday about 8% lower than Wednesday’s close, but it pared some losses in early Wall Street trading.