Tesla Has Not Bought or Sold Crypto Since Q1 2021

Tesla exceeded revenue expectations in its latest earnings report, no thanks to its crypto holdings

article-image

Source: Shutterstock

share

key takeaways

  • Tesla has not traded any cryptocurrency in a year, its latest earnings report shows
  • The company currently holds $1.26 billion in digital assets

Since making its $1.5 billion bitcoin investment in the first quarter of 2021, Tesla has refrained from making any additional digital asset trades.

The electric car company reported $1.26 billion in holdings of digital assets in its first quarter earnings report Wednesday, almost unchanged from its holdings at the end of the fourth quarter in 2021.

Tesla has not bought or sold any crypto assets since the first quarter of 2021, the statements reveal. Any changes in the company’s digital assets holdings value since then have come from price fluctuations. In the third quarter of 2021, Tesla reported a $51 million loss as a “bitcoin related impairment,” a required disclosure to reflect a dip in the largest cryptocurrency’s price. 

Tesla reported $18.76 billion in revenue during the first quarter of 2022, exceeding an expected $17.80 billion. Revenue from automobiles accounted for $16.86 billion, an 87% increase from the same quarter last year. 

The earnings report comes as Tesla CEO Elon Musk’s love-hate relationship with cryptocurrencies continues to play out on the public stage.

In March 2021, a month after Tesla’s bitcoin purchase, Musk announced via Twitter that the company would be accepting bitcoin as payment. Less than two months later, also in a tweet, Musk reneged on his previous statement, revealing that Tesla would not be accepting bitcoin due to the cryptocurrency’s environmental impact.

In July, Musk clarified that if bitcoin mining moved in a sustainable direction, he would reconsider adding it as a payment method. In October, the company confirmed it was leaving the door open to crypto payments in an SEC filing.

In January 2022, Musk revealed his interest in a different cryptocurrency — the so-called meme coin DogeCoin. Tesla now accepts payments in DogeCoin on its online shop for select items.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

Revolut said that the standalone crypto exchange is currently “invite only”

article-image

The stock price jump comes after Coinbase reported ending its seven-quarter run of net losses during the fourth quarter

article-image

BUZZ holds shares of Coinbase, Robinhood and MicroStrategy

article-image

Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders