{"id":9998,"date":"2023-01-26T08:39:35","date_gmt":"2023-01-26T08:39:35","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=9998"},"modified":"2023-01-26T08:39:36","modified_gmt":"2023-01-26T08:39:36","slug":"elon-musks-tesla-held-onto-its-bitcoin-in-q4-despite-market-turbulence","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9998","title":{"rendered":"Elon Musk\u2019s Tesla held onto its Bitcoin in Q4 despite market turbulence"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Electric vehicle manufacturer Tesla refused to offload any more Bitcoin (BTC) during the latter half of 2022 despite selling off 75% of its holdings in the second quarter. <\/p>\n<p>In its Q4 results report on Jan. 25, Tesla\u2019s financials show it neither bought or sold any of its Bitcoin for the second quarter in a row. This was despite the hefty market turmoil in November and December following the collapse of FTX.\u00a0<\/p>\n<p>The documents show the company holds $184 million in digital assets as of Dec. 31, down from its $218 million in holdings from the quarter prior due to $34 million of impairment charges as Bitcoin\u2019s price declined between the end of September and December last year.<\/p>\n<p>Bitcoin was around $19,500 on Sep. 30, before dropping almost 15% to $16,600 by Dec. 31.<\/p>\n<p>The EV manufacturer also held onto its Bitcoin through Q3 last year after selling 75% of its Bitcoin during the second quarter. The Q2 sale added $936 million in cash to Tesla\u2019s books and the firm profited $64 million.<\/p>\n<p>Tesla CEO Elon Musk explained at the time the sale was to \u201cprove liquidity of Bitcoin as an alternative to holding cash on a balance sheet.\u201d<\/p>\n<p>However, its Bitcoin holdings or take on Bitcoin was not discussed in Tesla\u2019s most recent earnings call on Jan. 25. Tesla holds an\u00a0estimated\u00a09,720 BTC.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Trouble brewing for the US: Two-thirds of TradFi expects a 2023 recession<\/em><\/strong><\/p>\n<p>Overall, Tesla recorded $5.7 billion in profits from $24.3 billion in revenues for Q4 with its gross 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.<\/p>\n<p lang=\"en\" dir=\"ltr\">In 2022, we produced &amp; delivered 1.3M+ vehicles  <\/p>\n<p>In Q4 we achieved our highest-ever quarterly revenue, operating income &amp; net income \u2192 https:\/\/t.co\/6WkUryAhKO pic.twitter.com\/aOzmL76uja<\/p>\n<p>\u2014 Tesla (@Tesla) January 25, 2023<\/p>\n<p>The revenue figure missed analyst estimates but its profit did better than consensus estimates. <\/p>\n<p>Tesla\u2019s share price was up slightly on the day, closing at a gain of nearly 0.40%. It continued to trade positively after hours, up nearly 4.6% at the time of writing,\u00a0according to Google Finance.<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/elon-musk-s-tesla-held-onto-its-bitcoin-in-q4-despite-market-turbulence\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Electric vehicle manufacturer Tesla refused to offload any more Bitcoin (BTC) 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\u2019s financials show it neither bought or sold any of its Bitcoin for the second quarter in a row. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-9998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9998"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9998\/revisions"}],"predecessor-version":[{"id":10000,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9998\/revisions\/10000"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9999"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}