Ultimate magazine theme for WordPress.

Tesla’s Q4 report: Position on Bitcoin (BTC) remains unchanged

  • Tesla didn’t sell any bitcoins in the fourth quarter of 2022
  • The value of the electric car manufacturer’s digital assets has fallen significantly compared to the third quarter

Tesla, an American multinational electric car manufacturer, has released its earnings report for the fourth quarter of 2022. The Elon Musk-led company continues to hold the same position on Bitcoin (BTC) compared to its Q3 2022 report. The firm has not sold or bought any BTC.

Read Bitcoins [BTC] Price prediction 2023-2024

However, the value of the cryptocurrency has declined over the two quarters. According to the report, Tesla’s digital assets were worth $184 million. This shows a decrease of $33 million from the Q3 report, which was valued at $218 million.

Tesla’s Bitcoin stance is fluctuating

The electric car manufacturer backed Bitcoin in early 2021 by purchasing BTC worth $1.2 billion. However, the company backed out and sold 75% of its holdings in July 2022. The sale added $936 million to Tesla’s cash balance on its balance sheet. Notably, the company took a sell position on the king coin when the bear had taken over the entire crypto market.

In addition, Tesla even had plans to add the king coin to its payment options. However, the company canceled the plans, with Musk citing environmental concerns as the reason. He stated

“Tesla’s mission is to increase interest in sustainable energy. We cannot be the company to do this, nor exercise due diligence on bitcoin’s energy consumption.”

Despite canceling BTC payments, Musk expanded his support for Dogecoin (DOGE), a leading meme coin. The company discontinued it as a means of payment for selected goods. And it has yet to accept cryptocurrency for the purchase of its electric vehicles.

Microstrategy sells Bitcoin for the first time

As Tesla continues to hold its own, Michael Saylor’s Microstrategy — another prominent player in the cryptosphere — sold some of its Bitcoin (BTC) for the first time. The sale took place in December 2022, with the company’s move influenced by tax benefits. The company sold nearly 704 BTCs, adding $11.8 million to MicroStrategy’s balance sheet.

However, this move hasn’t changed the company’s position on the king coin. Days after taking the sell position, the company participated in another new buying round. This added 810 BTCs to his crypto holdings and erased his sell-off. MicroStrategy had a total of 137,500 BTCs as of December 27, 2022.

The company’s Q4 report, along with a full 2022 report, is scheduled to be released on February 2, 2023 after the close of US financial markets. MicroStrategy will also host a video webinar at 5:00 pm ET discussing the earnings report.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers

Comments are closed.

%d bloggers like this: