Tesla, led by Elon Musk, has confirmed that it held its Bitcoin (BTC) holdings steady in the fourth quarter of 2023, with no buying or selling activity.
During Q4 2023, Tesla maintained its position, retaining 9,720 Bitcoin, which are currently valued at $387 million. This marks the sixth consecutive quarter in which Tesla has not conducted any Bitcoin transactions.
The Q4 report released by Tesla did not mention Bitcoin, indicating that the company maintained its existing BTC holdings. Following the Q4 update, Tesla’s stock experienced a decline in after-hours trading, continuing a trend that began at the start of the new year.
Throughout January, Tesla’s stock has seen a decrease of nearly 16%, falling below key support levels. Last week, the company’s stock declined by 3%, marking its fifth consecutive weekly decline. Despite the bearish stock market performance and Tesla’s decision to hold its Bitcoin assets, the company reported positive news regarding its vehicle sales.
On January 2, Tesla announced that it had exceeded Wall Street delivery predictions in the fourth quarter of 2023. The company reported a record-breaking 484,507 vehicle sales during the quarter, contributing to a total of 1.81 million vehicles sold throughout the year, surpassing its initial target of 1.8 million.
However, Tesla’s Q4 earnings fell short of analyst estimates in terms of both revenue and earnings per share. The company reported adjusted earnings of $0.71 per share, slightly below Wall Street’s expected $0.73 per share. Additionally, Tesla’s revenue of $25.17 billion missed analysts’ expectations of $25.87 billion. Despite these figures, Tesla remains confident in its long-term vision.
In terms of its holdings of digital assets, which exclusively consist of Bitcoin, Tesla currently holds approximately 9,720 BTC, valued at $387 million. This positions Tesla as the fourth-largest publicly traded entity with a significant Bitcoin portfolio, ranking behind MicroStrategy, Galaxy Digital Holdings, and Marathon Digital Holdings.
Tesla’s involvement with Bitcoin began in February 2021 when the company made a $1.5 billion investment, acquiring around 43,000 BTC. At the same time, Tesla announced that it would accept Bitcoin as a form of payment. However, subsequent decisions led to a change in this policy, with Tesla reducing its Bitcoin holdings. In early 2021, Tesla sold 4,320 BTC, and later in the year, it divested 75% of its remaining Bitcoin holdings at a loss.