Tesla reported $951 million in bitcoin holdings as of March 31, down from $1.076 billion. The decrease is linked to bitcoin’s price drop, with no transactions made in the last quarter. The company also missed earnings expectations, reporting $19.34 billion in revenue instead of the anticipated $21.37 billion. TSLA shares rose by over 2% in after-hours trading.
Tesla (TSLA) reported significant holdings of $951 million in cryptocurrency, specifically bitcoin, as of March 31. This figure marks a decline from $1.076 billion at the end of December, primarily attributable to a depreciation in bitcoin’s price. Currently, the automaker retains 11,509 bitcoin on its balance sheet, reflecting a lack of transactions reported in the last quarter according to Arkham Intelligence.
The Financial Accounting Standards Board (FASB) has instituted a new requirement for companies to mark their digital assets to market quarterly, impacting how Tesla reports its cryptocurrency holdings. Despite the dip in bitcoin’s market value, Arkham estimates that Tesla’s holdings are currently worth approximately $1.049 billion.
Additionally, Tesla’s first-quarter revenue fell short of analyst expectations, reporting $19.34 billion against a forecast of $21.37 billion. Despite the disappointing earnings, TSLA shares experienced a slight increase, rising over 2% in after-hours trading, reflecting investor response to the company’s ongoing ventures in the electric vehicle and cryptocurrency markets.
