The latest quarterly report of Elon Musk’s automobile firm, Tesla, reveals it neither sold nor purchased any Bitcoin during the final quarter of the previous year.
Tesla, the electric vehicle giant led by Elon Musk, has published its 2023 fourth-quarter earnings report with no mention of Bitcoin-related transactions.
Notably, the absence of any Bitcoin-related activity in the Q4 report suggests that Tesla did not partake in converting its Bitcoin assets into fiat currency, a move that would typically be highlighted in such financial disclosures.
In other words, Tesla has retained its holding of 9,720 Bitcoin. With this decision, Tesla maintains its position as the third-largest publicly traded firm regarding Bitcoin holdings.
Per Bitcoin Treasuries data, Tesla trails behind only renowned BTC whale MicroStrategy and Marathon Digital Holdings.
Tesla Sold No BTC for Six Quarters
Significantly, Tesla’s last Bitcoin transaction was in the second quarter of 2022. Per the Q2 2022 financial disclosure, Tesla reduced its Bitcoin holdings by 75%.
Specifically, the Elon Musk-led firm offloaded Bitcoin worth $936 million during the period. Tesla has not made any Bitcoin-related transactions since then, translating to six straight quarters.
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In 2022, Elon Musk clarified that the decision to sell 75% of Tesla’s Bitcoin holdings was related to concerns over liquidity, particularly in the context of the COVID-19-related shutdowns in China. Musk emphasized that this move should not be interpreted as a negative judgment of Bitcoin itself.
In the broader financial context, Tesla reported a total revenue of $25.167 billion in the fourth quarter of 2023, marking a 3% year-on-year increase. Moreover, it recorded a decreased operating income of $2.1 billion for Q4 2023.
Tesla Bitcoin History
In 2021, the electric car manufacturer made a significant move by acquiring $1.5 billion in Bitcoin. Subsequently, Tesla expanded its payment options by allowing customers to use Bitcoin to purchase electric cars.
However, this venture was short-lived. In the same year, Tesla suspended Bitcoin’s acceptance as a payment method for vehicle purchases.
It attributed the decision to environmental concerns. In particular, Tesla expressed worries about the substantial carbon footprint of Bitcoin mining and transactions.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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- Source: https://thecryptobasic.com/2024/01/25/tesla-retains-its-9720-bitcoin-no-buys-or-sells-for-six-quarters/?utm_source=rss&utm_medium=rss&utm_campaign=tesla-retains-its-9720-bitcoin-no-buys-or-sells-for-six-quarters
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