Tesla still holds $1.26 billion worth of bitcoin from the second quarter of last year despite market volatility

Tesla’s bitcoin holdings at the end of the fourth quarter of 2021 were flat at $1.26 billion from the end of the third quarter, the electric car giant said in its earnings report on Wednesday.

Tesla did not buy or sell bitcoin during the quarter, nor did it see a decrease in the value of its bitcoin holdings, as the bitcoin price remained essentially flat from the end of Q3 to the end of Q4.

Source: TradingView

During the third quarter, Tesla also did not increase or decrease its Bitcoin holdings, but reported a $51 million loss to reflect the decline in the cryptocurrency’s price.

According to the accounting rules for digital assets, a company must report this when the price of an asset falls in a quarter. But when the price goes up, it doesn’t show up as profit on the balance sheet.

In February, announced it had bought $1.5 billion worth of bitcoin. Then the company reduced its overall positions by 10% in the first quarter, a deal that added $272 million to that quarter’s profits. Tesla has not bought or sold any Bitcoin since then.

Tesla’s stock price initially fell about 4% after the earnings announcement, but has since recovered. The stock was last up slightly to $939.51.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page