Tesla revealed that it still holds $321 million worth of Bitcoin and posted a net income of $2.5 billion on revenue of $23.33 billion in Q1 of 2023.
Tesla, the electric vehicle and clean energy company led by Elon Musk, reported its first-quarter earnings on Wednesday, revealing that it still holds $321 million worth of Bitcoin (BTC) on its balance sheet. The company did not sell any of its Bitcoin holdings in the quarter, despite the cryptocurrency’s price rising from around $16,500 to over $28,500.
Tesla’s Net Income and Revenue in Q1 2023
Tesla also posted a net income of $2.5 billion on revenue of $23.33 billion, slightly missing analysts’ expectations for its profit margin. The company attributed the lower margin to higher costs related to new factories, raw materials, logistics, and warranties, as well as lower revenue from regulatory credits.
Tesla delivered a record 1.8 million vehicles in the quarter and expects to maintain this level of production for the rest of the year.
Tesla acquired $1.5 billion worth of Bitcoin in February 2021 and held 9,700 Bitcoin as of February 2023. The company said it is working to recover more than $1 billion from FTX and Alameda Research, two cryptocurrency firms that owe Tesla money for services rendered. Tesla also said it has enough cash on hand to fund its operations and restructuring efforts.
Musk has been vocal about his support for cryptocurrencies, especially Dogecoin (DOGE), which he frequently mentions in his tweets and interviews. However, he has also faced criticism for his role in influencing the volatile crypto market with his comments.Â
