Tesla Earnings: No Changes to Bitcoin Holdings in Q1 2023 — Here’s How Much BTC Tesla is Holding
https://cryptonews.com/news/tesla-earnings-no-changes-bitcoin-holdings-q1-2023-heres-how-much-btc-tesla-holding.htm
1 min readApr 22, 2023
Electric car maker Tesla revealed on Wednesday that its bitcoin (BTC) holdings remained untouched during the first quarter of 2023.
According to Tesla’s quarterly earnings report, the value of the “digital assets” held on the company’s balance sheet stood at $184 million, which is the same it was at for the prior quarter.
The reason the value remained flat despite a significant increase in the spot price of bitcoin over the quarter is the accounting rules Tesla operates under, which does not allow for unrealized gains on such holdings to be booked.
For the quarter, Tesla reported adjusted earnings per share of $0.85, in line with what was expected by most analysts.
The firm’s revenue came in at $23.33 billion, just below the $23.6 billion analysts had expected.
#NFTMarketplace
#CryptoCollectibles
#NFTdrop
