BasEx | Tesla Retains Bitcoin Holdings: Market Impact Analysis
Tesla Has Not Sold Bitcoins from Its Balance
02.02.2023
Tesla Has Not Sold Bitcoins from Its Balance

Throughout 2023, Tesla has not engaged in any Bitcoin buying or selling transactions, maintaining its cryptocurrency position at a balance sheet value of $184 million, as shown in the financial report.

The electric vehicle manufacturer's revenue for this period was $97.8 billion, 15% higher than the previous year. However, profit decreased by 15% to $17.7 billion.

Following the report's release, Tesla's stock dropped nearly 6% in after-hours trading. The company's share price has fallen almost 18% over the last month.

As of the end of the second quarter of 2022, Tesla converted about 75% of its cryptocurrency holdings into fiat, yielding $936 million. The profit from this operation was $64 million. Despite this, the company reported a net loss of $140 million due to a negative revaluation of bitcoins amounting to $204 million.

According to Bitcoin Treasuries, Tesla currently holds 9,720 BTC, with the current return on this position being 16%.

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