Tesla’s latest earnings report reveals $951 million in crypto holdings as of March 31, down from $1.076 billion. This decline is a result of falling bitcoin prices, and Tesla reports no trading of digital assets over the last quarter. The company also missed revenue expectations at $19.34 billion against an anticipated $21.37 billion. Shares rose by 2% after hours despite missing earnings.
Tesla, Inc. has reported digital asset holdings valued at $951 million as of March 31, down from $1.076 billion at year-end. The reduction is mainly attributed to a drop in bitcoin’s market price. Currently, Tesla retains 11,509 bitcoins on its balance sheet, as verified by Bitcoin Treasuries data. The company did not engage in any bitcoin transactions during the last quarter, as confirmed by Arkham Intelligence.
A crucial update from the Financial Accounting Standards Board (FASB) now mandates quarterly marking-to-market for corporate holders of digital assets, impacting how companies report their crypto holdings. Despite the drop in value, Tesla’s cryptocurrency assets are currently estimated at $1.049 billion.
In its latest earnings report, Tesla recorded a revenue of $19.34 billion for the first quarter, which fell short of analysts’ predictions of $21.37 billion. Following the earnings announcement, TSLA shares increased by more than 2% in after-hours trading, indicating market resilience despite the earnings miss.
Tom Carreras contributes insights on markets, bitcoin mining, and crypto adoption in Latin America. With a bachelor’s degree in English literature from McGill University, Carreras resides in Costa Rica and holds BTC above CoinDesk’s disclosure threshold of $1,000.
