Tesla announced its fourth quarter financial statements. Accordingly, Elon Musk’s company did not buy or sell Bitcoin (BTC). Along with that, the company reported $34 million in impairments to its Bitcoin assets.
Tesla announces not selling Bitcoin, BTC price jumps
cryptocoin.comAs you follow, the financial statements of electric car manufacturer Tesla are important for Bitcoin. Because Elon Musk’s company is known for its crypto investments. It did not buy or sell any Bitcoin for the second quarter in a row for the fourth quarter, the company reported in its latest earnings report on Wednesday. Currently, Tesla’s balance sheet has 9,720 BTC as of today. After Tesla’s balance sheet statement, Bitcoin reacted positively and rose above $ 23 thousand with a sharp move. At press time, BTC was trading at $23,548, up 2.86% on a daily basis.
At the end of the quarter, the value of digital assets fell to $184 million from $218 million at the end of the third quarter due to the depreciation caused by the drop in BTC price. At the end of the third quarter, the BTC price was just under $20,000, while at the end of the fourth quarter it was around $16,500.
Tesla revenues below expectations, stock gains above expectations
Tesla also made no changes to its BTC holdings in the third quarter. But in the second quarter, the company surprised some investors by selling $936 million worth of BTC, or about 75% of its total assets, to raise cash amid uncertainty around the Covid-19 lockdowns in China. However, CEO Elon Musk said at the time that the company was open to increasing Bitcoin risk in the future and that the sale “should not be taken as a decision about Bitcoin.”
Meanwhile, Tesla financial data beat expectations for share gains, while revenues fell short of expectations. Accordingly, analysts’ estimate of earnings per share was $1.13, while earnings came in at $1.19. On the other hand, revenues were announced as 24.3 billion dollars, against the expectations of 24.7 billion dollars. Meanwhile, Tesla’s revenues were $17 billion 720 million in the same period last year.
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