Tesla, an electric car company owned by Elon Musknot sold to anyone bitcoin (btc) It Puts a New Earning One on Its Balance Sheet During a Bear Market report good Company shows.
According to Tesla’s earnings report for Q4th In the quarter 2022, the company had $184 million worth of “digital assets” by the end of the year, $218m as reported for the third quarter,
Here’s the earnings report released by Tesla on Wednesday this week:
Tesla holding his coins
The report revealed that Tesla neither sold nor bought any digital assets during the quarter. it makes 4th The second quarter in a row where Tesla has held onto its digital assets after Sold BTC worth around $936 million during the second quarter of 2022 to raise cash amid the Covid lockdown.
The latest report does not comment directly on bitcoin or Tesla’s digital asset strategy. By the end of the quarter, the price of bitcoin was trading at around $16,500, but has since gained nearly 40% to trade at $23,000.
Although Tesla does not specify which digital assets it holds on its balance sheet, it is believed that the vast majority – if not all – of the $184m is held in the form of BTC. However, Elon Musk has indicated in the past that the company holds some Dogecoin (DOGE)Although it is unknown exactly how much.
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 is estimated Bitcoin company CoinKite to hold around 9,720 BTC on its balance sheet.
“Record-Breaking Year”
In the report, Tesla called 2022 “another record-breaking year”, and said the final quarter of the year brought in “the highest quarterly revenue ever” for the company.
The report states that 2023 will also be a challenging year:
“As we progress into 2023, we know there are questions about the near-term impact of the uncertain macroeconomic environment, and especially with rising interest rates. The Tesla team is used to challenges, the company Looking at the culture needed to get it to where it is today.
Tesla first added bitcoin to its balance sheet In February 2021, when it bought digital currency worth US$1.5 billion. At that time, BTC traded in the USD 30,000 to USD 40,000 range.
The company does not treat bitcoin as a mark-to-market asset, meaning that fluctuations in the price of bitcoin affect earnings only when it is bought or sold.
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