%ElectricVehicle maker %Tesla (NASDAQ: TSLA) continues to have a large holding of %Bitcoin ($BTC).
The company’s latest financial statement shows that its holdings of Bitcoin remained unchanged in the fourth quarter of 2023 at $388.8 million U.S., based on current prices.
Tesla continues to own 9,720 Bitcoin and is the third-largest public holder of the %Cryptocurrency after software firm %MicroStrategy (NASDAQ: MSTR) and digital miner Marathon (NASDAQ: MARA).
The automaker first began investing in Bitcoin back in February 2021, the same time that it said it would begin accepting the largest cryptocurrency as a form of payment.
However, by the second quarter of 2022, Tesla had sold about 75% of its Bitcoin holdings. The remaining holding has remained consistent over the past two years.
The disclosure of the Bitcoin holding comes as Tesla delivered what is being called a “disastrous quarter.”
The company’s stock is down nearly 10% after it missed Wall Street estimates for its fourth quarter 2023 results and warned of a growing slowdown in the coming months.
The poor results were largely blamed on steep price cuts for the company’s electric vehicles. Tesla has been lowering prices to boost sales over the past year.
Looking ahead, Tesla executives sounded a negative note about 2024, saying that they expect electric vehicle sales in 2024 to be “notably lower.”
Prior to today (Jan. 25), Tesla’s stock had declined 16% year-to-date and was trading at $207.83 U.S. per share.
