Tesla kept $184M Bitcoin balance in Q1 2023
The electric vehicle company did not gain or lose value on its digital assets.
Tesla’s Q1 earnings show that it maintained a consistent Bitcoin balance in the year’s first quarter.
The company’s April 19 release shows it held $184 million of the digital asset in Q1 2023, as it did in Q4 2022.
Though the price of Bitcoin has fluctuated in recent months, Tesla’s accounting methods suggest that the company’s holdings did not gain or lose value overall.
Tesla initially purchased $1.5 billion of Bitcoin in February 2021, and its holdings at one point were worth $2.5 billion. However, the company sold about three-quarters of that amount in the second quarter of 2022. In Q2 and Q3, Tesla held $218 million of Bitcoin before losing some of that value due to volatility as well as its own sales.
The company’s inconsistent relationship with cryptocurrency is well known. Though Tesla briefly accepted Bitcoin as payment, it abandoned this due to the environmental impact of crypto mining. Tesla now accepts Dogecoin (DOGE) for some merchandise.
Tesla stock (TSLA) is down 2.02% today and down 4.06% after hours.