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Tesla HODLs, Company Did Not Sell Any Of Its Bitcoin In Q4 2023

Tesla HODLs, Company Did Not Sell Any Of Its Bitcoin In Q4 2023

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Leading automotive and clean energy company Tesla has revealed in its earnings report that it did not sell any of its Bitcoin during the fourth quarter of 2023. 

However, Tesla also did not purchase any Bitcoin during the quarter, marking a period of complete inactivity regarding their crypto investment. 

Tesla Holds Its BTC 

The disclosure was made during the company’s annual earnings report, which was announced on the 24th of January, 2024. Before the earnings report, it was widely known that the company held a substantial amount of Bitcoin (9720 BTC). The value of Tesla’s stash of Bitcoin currently stands at $184 million. Tesla’s holdings make it the fourth among publicly traded companies to hold a significant amount of Bitcoin. Tesla currently sits behind other companies, such as Michael Saylor’s MicroStrategy, Galaxy Digital Holdings, and Marathon Digital Holdings, when it comes to holding Bitcoin, according to data from CoinGecko. 

“JUST IN: Tesla $TSLA reveals none of their $435,000,000 #Bitcoin was sold in Q4 2023.”

Tesla’s Bitcoin Journey 

Tesla’s first encounter with Bitcoin came in February 2021 with an investment of $1.5 billion. The company initially bought around 43,000 Bitcoins and announced that it would accept the cryptocurrency as payment. However, Tesla backtracked on its decision and significantly reduced its Bitcoin holdings. The company sold 4,320 BTC in 2021 and offloaded 75% of its remaining stake at a loss last year. 

No Movement In Q3 As Well 

The company also did not sell or add any Bitcoin during the third quarter of 2023. In fact, the inactivity in Q4 2023 marks the sixth straight quarter when Tesla’s Bitcoin holdings have remained unchanged. Tesla has refrained from making any Bitcoin transactions since it sold 30,000 BTC, 75% of its total Bitcoin holdings, in Q2 2022. The sale generated $936 million, meaning Tesla sold the Bitcoin at a loss following its initial $1.5 billion investment. 

4th Quarter Results 

Tesla disclosed a fourth-quarter revenue of $25.17 billion, a 3% increase year-over-year. However, the company fell short of its target of $25.62 billion. The company’s automotive revenue hit $21.56 billion, an increase of 1% over the previous year. Despite the growth in revenue, Tesla’s earnings per share stood at 71 cents, falling short of the estimates of 74 cents per share. 

Tesla also reported 484,507 deliveries during the fourth quarter and over 1.8 million deliveries in 2023.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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