Tesla Maintained its BTC Holdings Despite Bear Market

Tesla, the electric car enterprise under Elon Musk, retained all the bitcoin (BTC) it had on its ledgers throughout the market slump, as per a fresh earnings record from the company.

Tesla's earnings report for the final quarter of 2022 showed that the business had a value of $184 million in digital assets at year-end, down from the $218 million reported during the third quarter of the same year.

The findings of the report revealed that Tesla had not done any trading with digital assets during the fourth quarter. This marks the second consecutive quarter that the company has kept its digital assets, after having sold around $936 million worth of Bitcoin earlier in the year to obtain liquidity amidst the COVID-19 related lockdowns.

The most recent report did not say anything specific about Bitcoin or Tesla's plan for cryptocurrencies in the future. At the end of the quarter, Bitcoin was traded at about $16,500 but since this time it has increased almost 40%, and is now worth close to $23,000.

Tesla does not publicly announce which digital assets it owns on its balance sheet; however, it is presumed that almost all of the $184 million in question is in the form of Bitcoin. Elon Musk has previously mentioned Tesla owning some Dogecoin, but how much is still uncertain.

Coinkite, a Bitcoin business, estimates that Tesla has around 9,720 BTC on its balance sheet.

Tesla declared that 2022 was a record-setting year and announced that the final quarter of the year generated the largest revenue in the company's history.

The report highlighted that 2023 is expected to be difficult for the company as the economic situation is not definite and rising interest rates are contributing factors.

Despite these issues, the Tesla team is confident that they have the culture and knowledge to tackle these challenges as they have proven in the past.

In February 2021, Tesla invested 1.5 billion dollars in bitcoin, representing the company's initial entrance into the cryptocurrency market. At that time, the price of bitcoin fluctuated between 30,000 and 40,000 US dollars.

The company does not view bitcoin as a marketable security, thus any changes in its value are only reflected in their earnings when the cryptocurrency is traded.