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Tesla Made No Changes to Bitcoin Holdings in First Quarter
The valuation of bitcoin held on its balance sheet remained flat from the previous quarter at $184 million.
Updated May 9, 2023, 4:12 a.m. Published Apr 19, 2023, 8:13 p.m.
Electric car maker Tesla (TSLA) did not buy or sell any bitcoin in the first quarter of 2023, the company reported in its earnings release Wednesday afternoon.
The value of digital assets held by Elon Musk's company at quarter's end was $184 million, flat from the fourth quarter of 2022. The valuation remained flat even as bitcoin (BTC) rose to about $28,500 at the end of the first quarter from $16,500 three months earlier, as current accounting rules don't allow such gains to be booked.
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Tesla made no changes to the amount of bitcoin it held for the third consecutive quarter.
For the first quarter, Tesla reported adjusted earnings per share (EPS) of 85 cents versus the consensus analyst estimate of 85 cents, according to FactSet. Revenue of $23.33 billion was less than the $23.6 billion expected.
Shares are down 4.2% in after-hours action.
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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
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- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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