Tesla stock is up 6% in the last 24 hours
At the end of December, Tesla’s bitcoin holdings were valued at $1.26 billion, according to the e-carmaker’s Q4 earnings report.
The Elon Musk-led company has neither sold nor bought much bitcoin during the last quarter.
Tesla announced that it had bought $1.5 billion worth of bitcoin last February. The top cryptocurrency is up almost 50% in the two weeks following the announcement to reach $58,300.
In its first quarter earnings release, 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 losses in the second and third quarters, respectively, due to the drop in prices.
The crypto market underwent a major correction after Tesla halted bitcoin payments due to the negative environmental impact of the cryptocurrency.
After hitting a record high in November, bitcoin is now in the midst of a multi-month selloff.
Bitcoin surged to nearly $39,000 on Wednesday after the Federal Reserve decided to keep interest rates stable, but sharp comments from Chairman Jerome Powell pushed the price down.
Tesla beats earnings estimates
Tesla’s earnings have once again managed to beat analysts’ expectations. The company managed to generate $17.7 billion in revenue, representing a 65% year-over-year increase. The company also reported a record-breaking operating profit of $2.6 billion.
Tesla stock is down 0.8% in pre-market trading.