Crypto

Tesla didn’t buy or sell bitcoin in Q4

Tesla didn’t buy or sell bitcoin in Q4

Electric vehicle maker Tesla (TSLA) did not buy or sell bitcoin in Q4 for the second straight quarter, the company said in its latest earnings report on Wednesday. The company posted a loss of $34 million to depreciate its bitcoin holdings.

The value of its digital assets at the end of the quarter was $184 million, compared to $218 million at the end of the third quarter due to impairment losses from the fall in the price of bitcoin. At the end of the third quarter, the price of bitcoin was just under $20,000 and at the end of the fourth quarter it was around $16,500.

Tesla also made no changes to its bitcoin holdings in the third quarter, but in the second quarter the company surprised some investors by selling $936 million worth of bitcoin, or about 75% of its total holdings, to raise money. Quarantine in China due to COVID-19. But CEO Elon Musk said at the time that the company was open to increasing its participation in bitcoin going forward and that the sell-off “should not be seen as a doom for bitcoin.”

For the fourth quarter overall, Tesla reported $1.19 in adjusted earnings per share, beating FactSet’s analyst consensus estimate of $1.13 per share on revenue of $24.3 billion, below analyst estimates in $24.7 billion. Tesla shares fell 0.3% to $143.95 after the close of trading on Wednesday.

The company’s call with analysts is scheduled for 17:30. Eastern time (21:30 UTC).

Nelson Wang, East Coast Editor of CoinDesk

Nelson holds BTC and ETH above CoinDesk’s $1,000 disclosure threshold.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move involves risk, so you should do your own research when making a decision.
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