Benzinga - Tesla Inc (NASDAQ:TSLA), the electric vehicle giant helmed by Elon Musk, maintained its Bitcoin (CRYPTO: BTC) reserves throughout the fourth quarter of 2023, as revealed in the company’s earnings report.
What Happened: Tesla neither sold nor purchased any Bitcoin, reflecting a period of no activity in their cryptocurrency investment.
The value of Tesla’s digital assets, which consist solely of Bitcoin, currently sits at $184 million.
With a holding of approximately 9,720 bitcoins, Tesla ranks fourth among publicly traded companies with the most significant Bitcoin portfolios, trailing behind Michael Saylor’s MicroStrategy, Galaxy Digital Holdings and Marathon Digital Holdings, as per data from Coingecko.
Tesla’s journey with Bitcoin began with a $1.5 billion investment in February 2021, with the company initially amassing roughly 43,000 coins. In the same month, the company announced it would accept Bitcoin as payment. However, later decisions saw the company reverse this policy and significantly reduce its Bitcoin holdings, selling 4,320 bitcoins in early 2021 and offloading 75% of its remaining stake at a loss last year.
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Why It Matters: In other financial news, Tesla disclosed a fourth-quarter revenue of $25.17 billion, marking a 3% increase year-over-year but falling short of the anticipated $25.62 billion. The automotive revenue reached $21.56 billion, showing a 1% growth from the previous year.
Despite the revenue increase, Tesla’s earnings per share stood at 71 cents, narrowly missing analyst consensus estimates of 74 cents per share.
Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $40,060 up 0.52% in the last 24 hours, according to Benzinga Pro. Tesla shares are down 3% to $201.95 in after-hours trading Wednesday versus a 52-week trading range of $138.07 to $299.29. Shares of Tesla are up 44% over the last year as of Wednesday’s close.
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