Tesla Maintains Bitcoin Holdings in Q1 Without Any Alterations

Tesla Holds Steady on Bitcoin Holdings in Q1

Electric vehicle manufacturer Tesla (TSLA) has announced that it made no purchases or sales of Bitcoin during the first quarter of 2023. This was revealed in the company’s latest earnings report, which was released on Wednesday afternoon.

The report also stated that the value of Bitcoin assets held by Tesla remained unchanged from the previous quarter, with a total value of $184 million. This is despite the fact that Bitcoin prices rose from $16,500 to about $28,500 during the first quarter. However, current accounting rules do not allow for such gains to be booked, so the valuation remained flat.

It is worth noting that this marks the third consecutive quarter that Tesla has made no changes to its Bitcoin holdings. The company initially made waves in the crypto world when it announced that it had invested $1.5 billion in Bitcoin and planned to start accepting the cryptocurrency as payment for its products.

Tesla’s Q1 Financial Results

Aside from its Bitcoin holdings, Tesla’s Q1 earnings report also revealed that the company reported adjusted earnings per share (EPS) of 85 cents. This figure matched the consensus analyst estimate, according to FactSet. However, Tesla’s revenue of $23.33 billion fell short of the expected $23.6 billion.

Market Reaction to Tesla’s Earnings Report

Following the release of Tesla’s earnings report, the company’s shares fell by 4.2% in after-hours trading. This may be due in part to the fact that the company did not meet revenue expectations.

Conclusion

Tesla’s decision to hold its Bitcoin holdings steady for the third consecutive quarter may be seen as a sign that the company is taking a long-term approach to its cryptocurrency investments. Despite criticism of the environmental impact of Bitcoin mining and the volatility of the cryptocurrency market, Tesla appears to be committed to its investment in the digital asset.

Key Takeaways

• Tesla did not buy or sell any Bitcoin in Q1 2023.
• The value of Tesla’s Bitcoin holdings remained steady at $184 million.
• This marks the third consecutive quarter in which Tesla has made no changes to its Bitcoin holdings.
• Tesla’s Q1 revenue of $23.33 billion fell short of the expected $23.6 billion.
• Tesla’s shares fell by 4.2% in after-hours trading following the release of its earnings report.