Tesla keeps 11,509 Bitcoin despite $112M loss
By Brie Carter- Tesla kept its 11,509 Bitcoin (CRYPTO:BTC) during the quarter.
- The company reported a US$112 million loss on its Bitcoin holdings.
- The loss came from Bitcoin's lower price, not from selling any coins.
Tesla kept its 11,509 Bitcoin (CRYPTO:BTC) despite reporting a US$112 million quarterly loss on the holding.
The company did not buy or sell any Bitcoin during the quarter, and the loss reflected Bitcoin's lower market value.
Tesla valued its digital assets at about US$951 million at the end of the quarter after Bitcoin's price declined.
Tesla continues to hold Bitcoin as part of its treasury strategy despite regular swings in the cryptocurrency's price.
Following the earnings announcement, Tesla's share price rose in after-hours trading.
Tesla first bought Bitcoin in 2021 and has kept most of its remaining holdings unchanged since selling part of its original position in 2022.
At the time of reporting, Bitcoin price was $65,953.24.
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