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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.
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.
STORY CONTINUES BELOW
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.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
