Tesla’s Crypto Holdings Reach $951 Million Despite Earnings Miss
Tesla (TSLA) continues to hold nearly $1 billion in Bitcoin, based on its latest earnings report.
The electric vehicle manufacturer disclosed that it holds digital assets valued at $951 million as of March 31, a decrease from $1.076 billion on December 30. The company possesses 11,509 bitcoins according to Bitcoin Treasuries data.
Key Updates:
- Tesla retained a significant amount in Bitcoin, valued around $951 million.
- A requirement from the Financial Accounting Standards Board mandates quarterly marking of digital assets.
- The company’s revenue for the first quarter was $19.34 billion, which was less than the analysts’ anticipated $21.37 billion.
Tesla’s decline in bitcoin valuation is attributed to the depreciation in bitcoin pricing observed over the quarters. Data from Arkham Intelligence indicates that Tesla has not conducted any transactions in the last three months, noting that its Bitcoin is currently valued at approximately $1.049 billion.
With new FASB rules mandating that companies mark their digital assets to market each quarter, the expectations for transparency in corporate crypto holdings are increasing. The TSLA shares experienced an uptick of over 2% during after-hours trading.
