Tesla has disclosed that it refrained from buying or selling any of its Bitcoin (BTC) holdings during the fourth quarter of 2023.
This marks the sixth consecutive quarter without Bitcoin transactions for the electric vehicle (EV) manufacturer.
Tesla’s Q4 Report
The latest Q4 report did not mention Bitcoin, implying that the company did not sell or buy any of its 9,720 BTC holdings, currently valued at $387 million. In after-hours trading following the Q4 update, Tesla’s stock witnessed a decline, a trend that has persisted since the beginning of the new year.
So far in January, Tesla’s stock has decreased by nearly 16%, falling below key support levels. Last week, the company experienced a 3% drop, marking its fifth consecutive weekly decline. Despite the bearish trend in the stock market and the decision to hold its Bitcoin assets, Tesla delivered positive news on its vehicle sales.
On January 2, the company announced that it surpassed Wall Street delivery predictions in the fourth quarter of 2023. It reported selling a record-setting 484,507 vehicles during the quarter, contributing to 1.81 million vehicles sold throughout the year, exceeding its initial target of 1.8 million.
In Q4, we produced approximately 495k vehicles & delivered over 484k vehicles.
Full year 2023
Deliveries: 1.81 million (+38% YoY)
Production: 1.85 million (+ 35% YoY)
Our Q4 Earnings Call will be streamed live on X on January 24 at 4:30pm CT
— Tesla (@Tesla) January 2, 2024
However, Tesla’s Q4 earnings fell short of analyst estimates on the top and bottom lines. The electric vehicle manufacturer reported adjusted earnings of $0.71 per share, just below Wall Street’s estimates of $0.73. Additionally, its revenue of $25.17 billion missed analysts’ expectations of $25.87 billion. Despite these figures, Tesla maintained strong confidence in its long-term vision.
A Look Back
Tesla’s holdings of digital assets, consisting exclusively of Bitcoin, currently amount to $387 million. The company possesses approximately 9,720 BTC, securing its position as the fourth-largest publicly traded entity with a substantial Bitcoin portfolio. This ranking places Tesla behind MicroStrategy, founded by Michael Saylor, Galaxy Digital Holdings, and Marathon Digital Holdings.
Tesla’s involvement with Bitcoin commenced in February 2021 when the company made a $1.5 billion investment, acquiring around 43,000 BTC. Concurrently, Tesla announced its acceptance of Bitcoin as a form of payment.
However, subsequent decisions led to a reversal of this policy, with the company reducing its Bitcoin holdings. In early 2021, Tesla sold 4,320 BTC and, later in the year, unloaded 75% of its remaining stake at a loss.
