Tesla Holds onto Bitcoin Holdings in Q4 2023
Tesla has announced that it did not buy or sell any of its Bitcoin (BTC) holdings during the fourth quarter of 2023. This is the sixth consecutive quarter in which the electric vehicle (EV) manufacturer has refrained from Bitcoin transactions.
Tesla’s Q4 Report
In its latest Q4 report, Tesla did not mention any Bitcoin activity, indicating that the company held onto its 9,720 BTC, currently valued at $387 million. Following the report, Tesla’s stock experienced a decline, continuing a downward trend seen since the start of the year.
Throughout January, Tesla’s stock has dropped by nearly 16%, falling below key support levels. Despite this, the company delivered positive news regarding its vehicle sales.
Positive Vehicle Sales
Tesla exceeded Wall Street delivery predictions for the fourth quarter of 2023, selling a record-setting 484,507 vehicles. This contributed to a total of 1.81 million vehicles sold throughout the year, surpassing its initial target.
Tesla’s Q4 Earnings
While Tesla’s vehicle sales performed well, its Q4 earnings fell short of analyst estimates. The company reported adjusted earnings per share of $0.71, slightly below Wall Street’s expectations of $0.73. Additionally, its revenue of $25.17 billion missed analysts’ projections.
A Look Back at Tesla’s Bitcoin Holdings
Tesla currently holds approximately 9,720 BTC, making it one of the largest publicly traded entities with a significant Bitcoin portfolio. Its involvement with Bitcoin began in February 2021 when it made a $1.5 billion investment and started accepting Bitcoin as payment. However, the company later reduced its Bitcoin holdings through sales.
Hot Take: Tesla Holds Steady on Bitcoin, Faces Stock Decline
Tesla’s decision to hold onto its Bitcoin holdings in Q4 2023 reflects the company’s commitment to its digital asset investments. Despite this, Tesla’s stock has experienced a decline in the early weeks of 2024, falling below support levels. While the company delivered positive news on vehicle sales, its Q4 earnings fell short of expectations. As Tesla continues to navigate the cryptocurrency market and its stock performance, investors and analysts will closely monitor its future moves.
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