- Tesla still maintains approximately $951 million worth of Bitcoin on its balance sheet as of March 31.
- The value of Tesla’s digital asset holdings decreased from $1.076 billion in December 2023, likely due to Bitcoin Price fluctuations.
- New accounting rules from the Financial Accounting Standards Board now require companies to mark digital assets to market value each quarter.
Tesla continues to hold nearly $1 billion in Bitcoin according to its latest quarterly financial report. The electric vehicle manufacturer reported digital asset holdings valued at $951 million as of March 31, down from $1.076 billion reported on December 30. According to Bitcoin Treasuries data, Tesla currently maintains 11,509 Bitcoin on its balance sheet.
The reduction in reported value appears to be the result of Bitcoin’s price depreciation between quarters rather than any selling activity by the company. Data from Arkham Intelligence indicates Tesla did not conduct any cryptocurrency transactions during the past three months. Arkham currently values Tesla’s Bitcoin holdings at $1.049 billion.
New Accounting Standards for Digital Assets
The fluctuation in Tesla’s reported Bitcoin value reflects new requirements from the Financial Accounting Standards Board (FASB). This recently implemented rule mandates that corporate holders of digital assets must mark those assets to market value each quarter, providing more transparent accounting for cryptocurrency holdings.
Tesla’s financial performance for the first quarter showed the company generated $19.34 billion in revenue. This figure fell short of analyst expectations, as market watchers had projected the automaker would achieve $21.37 billion in revenue for the period.
Market Response
Despite the revenue miss, Tesla shares responded positively in after-hours trading, climbing more than 2% following the earnings announcement. The company’s continued commitment to maintaining its Bitcoin position comes amid broader movements by corporations to diversify treasury holdings with digital assets.
The automaker first purchased Bitcoin in 2021 as part of a broader corporate treasury strategy. While the company did sell a portion of its holdings in 2022, it has maintained this 11,509 Bitcoin position for several quarters, suggesting a long-term approach to incorporating digital assets into its balance sheet strategy.
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