• Tesla reported that their bitcoin (BTC) holdings remained unchanged during the first quarter of 2023.
• The value of their “digital assets” held on the balance sheet was $184 million and Tesla accepted dogecoin (DOGE) as payment for some merchandise.
• On Thursday, Tesla shares opened 8% lower but recovered some its losses in early trading on Wall Street.
Tesla’s Bitcoin Holdings in Q1 2023
Tesla reported that their bitcoin (BTC) holdings remained unchanged during the first quarter of 2023, with the value of their “digital assets” held on the balance sheet standing at $184 million.
Q1 Earnings Report
Tesla reported adjusted earnings per share of $0.85, which was in line with analysts expectations. Revenue came in at $23.33 billion, slightly below what was expected by most analysts at $23.6 billion.
Bitcoin Price Increase & Accounting Rules
Despite a significant increase in the spot price of bitcoin over the quarter, its value remained flat due to accounting rules that do not allow for unrealized gains on such holdings to be booked.
Dogecoin Acceptance
Tesla has never announced a purchase of DOGE, however it is known that they accept the meme coin as payment for some merchandise sold online.
Thursday Trading Performance
On Thursday, Tesla shares opened almost 8% lower compared to Wednesday’s close but recovered some its losses in early trading on Wall Street.