Tesla"s Q4 Balance Sheet Shows Bitcoin Holdings Worth $184 Million
Tesla’s latest balance sheet shows the company’s bitcoin holdings worth $184 million. Tesla did not sell any digital assets in the fourth quarter of 2022 despite the crypto winter and contagion in the crypto ecosystem. Tesla’s Digital Assets Valued at $184 Million
Tesla Inc. (Nasdaq: TSLA) released its earnings results for Q4 2022 on Wednesday. The company’s balance sheet shows net digital assets of $184 million, down from $218 million in the previous quarter. According to its other financial statements, no digital assets were bought or sold during the fourth quarter. Tesla’s Q4 2022 balance sheet. Source: Tesla Inc.
The electric car company’s digital assets comprise mostly bitcoin. The reduced value of its crypto holdings is due to fluctuations in the price of BTC, which led to an impairment charge of $34 million. At the time of writing, bitcoin is trading at $23,087; it fell from about $47.8K to around $16.6K during 2022.
Tesla has not revealed how many bitcoin it owns but an industry estimate suggests that it is hodling about 9,720 BTC. Besides bitcoin, Tesla also holds a small amount of dogecoin (DOGE) which it acquired from selling some merchandise for the meme cryptocurrency. The company began accepting payments in dogecoin for some merchandise in January last year.
Tesla bought $1.5 billion worth of BTC in early 2021 and has not purchased any more since. However, the company dumped about 75% of its BTC holdings in the second quarter of last year. CEO Elon Musk explained at a time that Tesla sold its BTC in order to maximize its cash position due to the uncertainty as to “when the Covid lockdowns in China would alleviate.” He emphasized: “We are certainly open to increasing our bitcoin holdings in [the] future, so this should not be taken as some verdict on bitcoin.” He also mentioned that the company did not sell any DOGE.
Musk himself personally owns bitcoin, ether, and dogecoin. He tweeted in March last year that he still owns and will not sell any of the three cryptocurrencies. “I still own & won’t sell my bitcoin, ethereum or doge,” the billionaire wrote.
In Tesla’s earnings call with analysts Wednesday afternoon, Musk reiterated: “There’s going to be bumps along the way and we’ll probably have a pretty difficult recession this year, probably. I hope not, but probably.” While cautioning that “one can’t predict the short-term stock value,” the Tesla boss stressed: But long term, I’m convinced that, Tesla will be the most valuable company on Earth. Tags in this story Elon Musk, Tesla, tesla bitcoin, tesla bitcoin holdings, Tesla BTC holdings, tesla crypto, tesla cryptocurrency, Tesla digital assets, Tesla financial statements, Tesla Q4 2022
What do you think about Tesla hodling bitcoin throughout the crypto winter? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. After Mocking the Price Model, Crypto Advocates Discuss Bitcoin"s Rainbow Chart Reintegration FEATURED | 3 hours ago Report: Crypto Adoption Hits New Milestones — Global Crypto Owners Reached 425 Million in 2022 FEATURED | 3 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleGold to Lose Its Shine as Harry Dent Predicts Massive Crash; Bitcoin to Follow Suit With Low of $3,250 Next articleBiggest Movers: ADA Climbs to 11-Week High, as Crypto Markets React to US GDP Data Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design