In spite of the price increase, Tesla keeps holdings: Q1 reports

Despite the price increase, Tesla continues to hold Bitcoin: Q1 results

Tesla’s Q1 report for 2023 revealed no modifications to its Bitcoin [BTC] holdings.

The company maintained its digital asset holdings at $184 million, the same value reported in the previous quarter. Despite the increase in Bitcoin’s price, Tesla’s digital asset valuation remained unchanged due to accounting rules that prohibit the recognition of such gains.

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Tesla reported adjusted earnings per share of 85 cents for the first quarter, which matched the consensus analyst forecast.

However, Tesla’s revenue of $23.33 billion was slightly lower than the expected $23.6 billion, leading to Tesla’s shares falling by 4.2% in after-hours trading. Tesla’s decision to hold on to its Bitcoin investment despite its recent volatility may indicate the company’s confidence in the long-term potential of the cryptocurrency.

Compiled by Coinbold