Tesla does not intend to sell its bitcoins

On Wednesday, electric car manufacturer Tesla presented a report for the fourth quarter of 2022. From the publication, it became clear that the company still holds approximately 9720 bitcoins, having lost only $34 million on its investments in cryptocurrency due to lower prices for it at the end of 2022.

At the same time, for the second quarter in a row, Tesla has not bought or sold its bitcoins, despite strong market turmoil in November and December after the collapse of the FTX crypto exchange.

In particular, as of December 31, the company owned $184 million in digital assets compared to $218 million in the previous quarter. The decrease was due to bitcoin's $34 million impairment losses. Recall that in September last year, bitcoin cost about $ 19500, and by the end of the year, the value of the cryptocurrency fell to $ 16600. 

However, analysts note that Tesla also held bitcoins until the third quarter of 2022 after selling 75% of these assets in the second quarter. Then the sale of bitcoins added Tesla $ 936 million in cash, and the company's profit was $64 million. Tesla CEO Elon Musk explained this by saying that at that time the sale was supposed to prove the liquidity of bitcoins as an alternative to storing cash on the company's balance sheet.