The electric vehicle manufacturer Tesla has refused to part with its Bitcoins despite the difficult times that have befallen the crypto market.
In its fourth quarter financial report, the company’s data shows that it neither bought nor sold Bitcoin. This is the second consecutive quarter when one of BTC’s largest institutional holders refused to sell. We are talking about the period of 2022, when the crypto market was hit by serious uncertainty, for example due to the collapse of the FTX crypto exchange.
According to the documents Elon Musk’s company had $184 million in BTC as of December 31. In the third quarter, the stock was still worth 218 million dollars, but this decreased by 34 million dollars due to the exchange rate drop.
It is important to mention that in the second quarter of last year, the company sold 75% of its existing Bitcoins, making a profit of $64 million. Musk said that the reason for the move was the uncertainty surrounding the closures in China due to the coronavirus epidemic, and on the other hand, they wanted to increase Tesla’s cash balance. However, in connection with the case, the owner clarified that they are ready to increase the amount of their digital devices in the future.
On the other hand, the current financial report did not mention the amount of Bitcoins the company has, but it is estimated that the electric car maker currently has 9,720.
Overall, Tesla made a profit of $5.7 billion on revenue of $24.3 billion in the fourth quarter, and was able to close with a profit of $20.8 billion for the entire year. According to the company’s report, in the most recent quarter, they achieved the highest quarterly revenue, operating and net profit of all time.
In 2022, we produced & delivered 1.3M+ vehicles ????
In Q4 we achieved our highest-ever quarterly revenue, operating income & net income → https://t.co/6WkUryAhKO pic.twitter.com/aOzmL76uja
— Tesla (@Tesla) January 25, 2023
At the time of writing, BTC was trading around $22,970, while Tesla shares were trading at $144.43.