For the fourth quarter of 2022, the impairment on 9,720 BTC held on Tesla’s balance sheet totaled $34 million. No bitcoin transactions were conducted during the latest reporting period.
Tesla released its Q4 2022 financial report. It did not conduct any bitcoin transactions on Q4, and the impairment was about $34 million. Tesla currently holds about 9,720 bitcoins, and the average purchase cost per bitcoin is about 32,099 US dollars. https://t.co/RKOwMi5eiq
— Wu Blockchain (@WuBlockchain) January 26, 2023
A 15% drop in bitcoin prices during October–December did not prompt selling of the cryptocurrency, which the electric-vehicle maker had purchased at an average price of $32,099. The management did not react to the worsening market backdrop amid the FTX collapse .
This contrasts with results for the second quarter. The company said at that time it converted roughly 75% of its own bitcoins into cash, which brought in $936 million.
By the end of 2022, the company valued the digital gold on its balance sheet at $184 million, versus $218 million in the prior quarter.
During the management’s press conference with analysts, the topic of bitcoin не поднималась.
The company reported quarterly profit of $5.7 billion on revenue of $24.3 billion. For the full year, the figures were $20.8 million and $81.4 billion, respectively.
The market reacted positively to the publication of Tesla’s earnings report. After trading, the shares rose 7.8%. Over the past year, the automaker’s market capitalization has collapsed by 53.4%.
Earlier, in February 2021, it emerged that Tesla invested in bitcoin $1.5 bn. Elon Musk described these investments as ‘quite risky’.
Two months later, Tesla sold part of its bitcoin assets for $272 million.
Read ForkLog’s bitcoin news on our Telegram — news about cryptocurrencies, prices and analytics.