Tesla’s first-quarter earnings showed that it maintained a stable bitcoin balance in the first quarter of the year.
The company held $184 million in digital assets in the first quarter of 2023, the same as in the fourth quarter of 2022, according to an April 19 press release.
Despite the volatility in bitcoin’s price in recent months, Tesla’s accounting methods show no increase or decrease in the total value of the company’s holdings.
Tesla originally purchased $1.5 billion worth of bitcoin in February 2021, and its holdings were at one point worth $2.5 billion. However, the company has sold about three-quarters of that volume by the second quarter of 2022. Tesla held $218 million worth of bitcoin in the second and third quarters of last year before losing some of that value due to volatility and its own sales.
The company’s relationship with cryptocurrencies has been inconsistent. While Tesla briefly accepted bitcoin for payment, it later dropped it due to the environmental impact of cryptocurrency mining. Tesla currently accepts Dogecoin (DOGE) for a variety of commodities.
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According to Cryptoslate