Tesla Made No Changes to Bitcoin Holdings in First Quarter

The valuation of bitcoin held on its balance sheet remained flat from the previous quarter at $184 million.

AccessTimeIconApr 19, 2023 at 8:13 p.m. UTC
Updated May 9, 2023 at 4:12 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Electric car maker Tesla (TSLA) did not buy or sell any bitcoin in the first quarter of 2023, the company reported in its earnings release Wednesday afternoon.

The value of digital assets held by Elon Musk's company at quarter's end was $184 million, flat from the fourth quarter of 2022. The valuation remained flat even as bitcoin (BTC) rose to about $28,500 at the end of the first quarter from $16,500 three months earlier, as current accounting rules don't allow such gains to be booked.

Tesla made no changes to the amount of bitcoin it held for the third consecutive quarter.

For the first quarter, Tesla reported adjusted earnings per share (EPS) of 85 cents versus the consensus analyst estimate of 85 cents, according to FactSet. Revenue of $23.33 billion was less than the $23.6 billion expected.

Shares are down 4.2% in after-hours action.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Stephen  Alpher

Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.