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Tesla Sticks With Bitcoin (BTC)

Tesla (TSLA) did not buy or sell any bitcoins in Q1 2023.

By Luc Vesters
• 2 min read
Tesla Sticks With Bitcoin (BTC)

Tesla (TSLA) did not buy or sell bitcoins in Q1 2023. That comes from the quarterly report.

At the start of the quarter, the value of holdings in digital assets was $184 million, with BTC at $16,603 on December 31, 2022. At the end of the first quarter's accounting period, March 31, 2023, BTC traded at about $28,388. Tesla's crypto position has theoretically increased. But because current accounting rules don’t let you book such gains, there is still $184 million on the balance sheet.

In mid-2022, the electric car maker sold 75 percent of its Bitcoin holdings and caused a stir in the crypto community. The reason for the sale at the time: to secure liquidity. Due to the corona lockdown and the associated production shutdown in Shanghai, sales were lower than expected.

In Q1 2023, Tesla posted total revenue of $23.3 billion, below expectations. TSLA stock fell 4.2% after market close and was trading at $165 at the time of writing. The crypto market also fell overnight. Bitcoin is trading at $28,842 at the time of writing, while Ethereum is at $1,950.

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