Elon Musk’s Tesla, the largest American electric car manufacturer, announced that it did not buy or sell any coins from its Bitcoin holdings between October and December. The company currently holds 11,509 coins, the same as the previous months.
Although the Bitcoin supply remained unchanged, the fall in the price of the leading cryptocurrency from $114,000 to $88,000 over the past three months has resulted in a loss of approximately $239 million, Tesla reported. With Bitcoin currently trading at around $89,000, the company’s reserves are estimated at approximately $1 billion.
Tesla’s last major Bitcoin transaction took place in 2022. Musk’s company first disclosed its Bitcoin investments in February 2021, announcing the purchase of 43,200 BTC worth nearly $1.7 billion. The company soon sold some of its Bitcoin “to test liquidity,” and in 2022, sold another 75% of its remaining coins. Since then, the amount of Bitcoin in its corporate reserves has remained virtually unchanged.
Tesla reported net income for the fourth quarter of last year of $24.9 billion, slightly below the $25.1 billion forecast. Adjusted earnings per share exceeded expectations, reaching $0.50, compared to the $0.45 forecast.
Earlier, Jan3 founder Samson Mow stated that Tesla and SpaceX CEO Elon Musk could have a significant impact on the price of the first cryptocurrency in the coming year.
