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The Tesla stock is up 6% over the past 24 hours
At the end of December, the value of Tesla’s Bitcoin holdings stood at $1.26 billion, according to the e-car manufacturer’s Q4 earnings report.
The Elon Musk-helmed company has neither sold nor bought more Bitcoin during the previous quarter.
Tesla announced that it had bought $1.5 billion worth of Bitcoin last February. The top cryptocurrency skyrocketed roughly 50% within two weeks following the announcement to reach $58,300.
In its Q1 earnings, Tesla announced that it had sold 10% of its position in Bitcoin to test the cryptocurrency’s liquidity.
As reported by U.Today, the e-car maker reported $51 million and $23 million in Bitcoin-related impairments in the second and third quarters, respectively, due to falling prices.
The crypto market endured a big correction after Tesla halted Bitcoin payments due to the cryptocurrency’s negative environmental impact.
After recovering to record highs in November, Bitcoin is now in the middle of a multi-month sell-off.
On Wednesday, Bitcoin briefly spiked to nearly $39,000 after the Federal Reserve decided to keep interest rates steady, but Chairman Jerome Powell’s hawkish comments pushed the price down.
Tesla beats earnings estimates
Tesla’s earnings have once again managed to beat analysts’ expectations. The company managed to rake in $17.7 billion in revenue, which represents a 65% year-over-year increase. The company also reported a record-breaking operating profit of $2.6 billion.
The Tesla stock is down 0.8% in pre-market trading.