Tesla Maintains Bitcoin Holdings Unchanged in 2023

Throughout 2023, Tesla neither bought nor sold any bitcoins, maintaining its cryptocurrency position at a balance sheet value of $184 million, according to its financial report.

The electric car manufacturer’s revenue for the period amounted to $97.8 billion, marking a 15% increase over 2022. However, profits fell by 15% to $17.7 billion.

Tesla’s shares dropped nearly 6% in after-hours trading. Over the past month, the company’s stock has declined by almost 18%.

In February 2021, it was revealed that the company had invested $1.5 billion in bitcoin. Co-founder and CEO Elon Musk described these investments as “quite risky.”

By the end of the second quarter of 2022, Tesla had converted approximately 75% of its cryptocurrency into fiat, generating $936 million. The profit from this operation was $64 million. Taking into account a negative revaluation of bitcoins on the balance sheet amounting to $204 million, the firm reported a net loss of $140 million. 

According to Bitcoin Treasuries, the company holds 9720 BTC, with the current yield on the position at 16%.

Earlier, Musk admitted in a podcast with ARK Invest CEO Cathie Wood that he personally owns only “a large amount of Dogecoin.”