Tesla Continues to Hold BTC

Tesla announced its financial results for the 4th quarter of 2022 after the market close yesterday. In the financial results, it was seen that Tesla presented a better balance sheet than expected.

It was seen that Elon Musk’s electric vehicle manufacturer Tesla did not sell the remaining Bitcoins on its balance sheet in the financial results statement made to the SEC. Tesla sold 75% of the Bitcoins it bought in 2021 until the second quarter of 2022. However, it was seen that he held the remaining $245 million worth of Bitcoin despite the harsh conditions of last year.

Tesla originally announced that it had received 43,200 BTC in the first quarter of 2021, which was worth $1.5 billion at the time. While the company held the majority of this amount for about a year, in the middle of last year, the company announced that it had to sell 75% of its Bitcoin assets, citing increased production costs due to the problems caused by the pandemic in China. With this statement, Elon Musk said that the sale is not connected with Bitcoin and continues to keep crypto money in his personal account. Since then, Musk has been known to own Ethereum and Dogecoin, along with Bitcoin.