No Changes in Tesla’s Bitcoin Holdings in Q4 2021, Shows Financial Statement

#Ripple #XRP

The financial statements published by Tesla in regards to its Q4 2021 performance indicated that the firm’s BTC position had remained the same, worth approximately $1.26 billion.

• It was roughly a year ago when Tesla filed a Form 10-K with the SEC, which revealed that it had purchased $1.5 billion worth of BTC. Moreover, the EV giant also started accepting the cryptocurrency for its products.
• This has an immediate positive effect on the asset’s price. However, the tides turned a few months down the road when the company’s CEO – Elon Musk – said the firm will stop accepting BTC due to environmental issues.
• Additionally, Tesla sold 10% of its bitcoin stash to test the liquidity, at least according to Musk.
• Since then, though, the company has refrained from buying and selling more of the asset while dabbling with the idea of resuming BTC payments at some point.
• The latest financial statements published Wednesday revealed that the company still held around $1.26 billion at the end of December 2021.

Tesla’s Balance Sheet (Unaudited)

• Separately, Tesla reported that its revenue increased by 65% year over year in the quarter, while automotive revenue equaled $16 billion – up by 71%.
• It’s worth noting that while Tesla still doesn’t accept bitcoin for payments for its products, the firm recently enabled such transactions to be done with Musk’s favorite memecoin – Dogecoin.

OhNoRipple via https://www.ohnocrypto.com/ @Jordan Lyanchev, @Khareem Sudlow