Tesla’s bitcoin shares remained stable in the first three months of 2022

The electric car maker has kept bitcoins in its balance sheet for the past year and has not bought or sold. On Wednesday, Tesla released its latest quarterly earnings report, which shows Tesla’s bitcoin reserves worth $ 1.26 billion, which means that for the second consecutive quarter, the amount of these reserves has not changed.

According to Kevin Desk, both last season and last season, Tesla did not buy or sell any bitcoins. Given that the price of bitcoin remains almost constant compared to the previous season, there is no decline in the value of bitcoin assets of this car company.

Read more: Tesla lost $ 101 million from investing in bitcoin

In the third quarter of last year, Tesla’s bitcoin reserves did not increase or decrease, but due to the decline in the price of this digital currency, the company was forced to report a decline of 51 million dollars.
According to the rules for reporting digital assets, if the price of an asset falls during the season, the company is required to report a decrease in this value, but if the price of the asset rises, no profit should be reported in the balance sheet before the asset is sold.

Tesla announced in February last year that it had bought $ 1.5 billion worth of bitcoins. Over the next three months, the company reduced its bitcoin reserves by 10%. With the sale of this amount of bitcoins, the company’s quarterly revenue increased by $ 272 million. During these three months, Tesla did not buy or sell any bitcoins.

Overall, Tesla’s earnings per share adjusted to $ 3.22 in the first three months of the year, compared to analysts’ expectations of $ 2.26. In addition, while analysts estimate the company’s total revenue at $ 17.85 billion, Tesla reported revenue of $ 18.8 billion.

Shares of Tesla rose 3.6% to $ 1,012.01 after trading on Wednesday. The value of the company’s shares decreased by about 3% compared to the beginning of the year.

Tesla CEO Ilan Musk recently made a splash with his $ 43 billion proposal to take over Twitter without current investors intending to sell it.

The publication of Tesla bitcoin reserves remain stable in the first three months of 2022, appeared for the first time in digital currency.

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