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Tesla still holds BTC despite market turmoil

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Tesla still holds BTC despite market turmoil

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Electric vehicle manufacturer Tesla still holds an estimated 9,720 BTC on its balance sheet, according to its Q4 earnings report for 2022. Due to a steep decline in bitcoin’s price at the end of last year, the company lost $34 million, Cointelegraph reports. Tesla did not buy or sell any bitcoin for two quarters in a row as the company was evaluating the aftermath of the market turmoil caused by the FTX crash in December 2022. The value of its digital assets at the end of December and in early January stood at $184 million, down from $218 million recorded in the third quarter. As the price of BTC saw a rapid decline between September and December 2022, Tesla suffered losses of $34 million. Notably, the electric car maker made no changes to its bitcoin holdings throughout the third quarter. However, it sold 75% of its digital assets in Q2, adding $936 million to its balance. Tesla CEO Elon Musk explained that at that time, selling bitcoin served as proof of its liquidity. He still sees BTC as an alternative to holding cash on Tesla’s balance sheet.

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