• Tesla’s latest balance sheet shows the company’s bitcoin holdings worth $184 million.
• Tesla did not sell any digital assets in the fourth quarter of 2022 despite the crypto winter and contagion in the crypto ecosystem.
• Tesla has not revealed how many bitcoin it owns but it is estimated that the company is hodling about 9,720 BTC.
Tesla Inc. (Nasdaq: TSLA) recently released its earnings results for Q4 2022, and its balance sheet shows net digital assets of $184 million. This figure is down from the previous quarter which saw a total of $218 million. It is estimated that Tesla is holding around 9,720 bitcoin, and that its digital assets mainly comprise of bitcoin.
The reduced value of its crypto holdings is due to fluctuations in the price of BTC, which led to an impairment charge of $34 million. At the time of writing, bitcoin is trading at $23,087; it fell from about $47.8K to around $16.6K during 2022.
The company has not sold any digital assets in the fourth quarter of 2022 despite the crypto winter and contagion in the crypto ecosystem. This is despite the fact that Tesla bought $1.5 billion worth of BTC in early 2021 and dumped about 75% of its BTC holdings in the second quarter of last year. CEO Elon Musk explained at the time that Tesla sold its BTC in order to maximize its cash position due to the uncertainty as to „when the Covid lockdowns in China would alleviate.“
Tesla also holds a small amount of dogecoin (DOGE) which it acquired from selling some merchandise for the meme cryptocurrency. The company began accepting payments in dogecoin for some merchandise in January last year.
Overall, Tesla’s balance sheet shows that it is still holding onto its bitcoin despite the fluctuation in its value. The company is open to increasing its bitcoin holdings in the future, but for now it appears that the electric car company is content with its current portfolio.