The highly anticipated Q1 report for 2023 from Tesla, the prominent American electric vehicle manufacturer, was released on April 19th. However, the company’s financial statements revealed no modifications to its Bitcoin [BTC] holdings.
Tesla maintained its digital asset holdings at $184 million during the first quarter of 2023, the same value reported in the previous quarter. Despite the increase in Bitcoin’s price from $16,500 to approximately $28,500, Tesla’s digital asset valuation remained unchanged due to accounting rules that prohibit the recognition of such gains.
Tesla also did not modify its Bitcoin holdings for the third consecutive quarter. As a result, the company reported adjusted earnings per share of 85 cents for the first quarter, which matched the consensus analyst forecast.
However, Tesla’s revenue of $23.33 billion was slightly lower than the expected $23.6 billion. As a result, Tesla’s shares fell by 4.2% in after-hours trading.
Tesla’s decision to hold on to its Bitcoin investment despite its recent volatility may indicate the company’s confidence in the long-term potential of the cryptocurrency.
Only time will tell whether Tesla’s crypto love affair will remain strong with its Bitcoin holdings in the future.
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Also Read: Elon Musk’s Tesla HODLs BTC Despite Q4 Market Crash
