Electric car manufacturer Tesla announced its first quarter balance sheet. The company did not sell its Bitcoins and did not buy any new Bitcoins.
Tesla stated in its Q1 report that the company’s Bitcoin assets remained unchanged.
Tesla did not buy or sell Bitcoin again, as it did in the last quarter of last year. Since the value of the asset remained almost the same, there was no loss of value.
Although Tesla continued to hold Bitcoins in the third quarter of last year, it was reported that there was a loss of $ 51 million due to the decrease in the price of the asset.
According to accounting rules for digital assets, if an asset’s price drops quarterly, the company must report impairment. However, if the price rises, the asset is not shown as a gain on the balance sheet unless it is sold.
Tesla made a big splash last February by announcing that it had purchased $1.5 billion worth of Bitcoin. Elon Musk’s company reduced its Bitcoin position by 10% in the first quarter of last year, and the company’s earnings increased by $272 million due to this.
Tesla’s first-quarter earnings per share were $3.22, compared to the $2.26 analysts had expected, according to FactSet. Total revenue was announced as $18.8 billion, against the expected $17.85 billion.
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