Electric car maker Tesla (TSLA) did not buy or sell any bitcoin in the 1st quarter of 2023, the company reported in its earnings report Wednesday afternoon.

Elon Musk founded a new artificial intelligence-focused company called X.AI on March 9th, 2023.

The price of Bitcoin has grown by over 50% since Tesla sold approximately $1 billion worth of BTC in July 2022. Tesla made a profit of $64 million from the sale, which accounted for 75% of its remaining reserves. However, the company still holds on to its remaining BTC, which is currently worth around $330 million, despite sitting at bear-market lows of around $16,000 in Q4 2022. Tesla has made roughly $165 million in profit from two separate Bitcoin sales, but currently sits atop an unrealized loss of around $56.6 million on its remaining BTC holdings, with a net profit to date of around $108 million. Analysts estimate that Tesla's free cash flow in Q1/2023 would be nearly $2 billion, reducing the chances of further significant Bitcoin sales in the near term.

Crypto bull Cathie Wood remains bullish on Bitcoin and other top cryptocurrencies despite the damage caused by Silvergate Bank’s decision to shut down. Cathie Wood’s investment management firm Ark Invest purchased additional shares of Elon Musk’s electric vehicle manufacturer Tesla, crypto exchange Coinbase, and trading firm Robinhood.

Grizzly.fi, a DeFi platform that wants to make DeFi accessible to everyone, has great news for its community! On March 6th, 2023, Grizzly.fi announced a collaboration with some big names in the DeFi world to give away a Tesla Model 3. The giveaway will end on March 20th and was organized to celebrate the release of Grizzly.fi’s new roadmap, which will take place on March 10th.

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When Elon Musk announced that Tesla would accept Bitcoin as payment for its cars, it proved to be a short-lived initiative. But the EV company's move opened a door for Adidas' plans to use blockchain, said the sportswear company's Web3 lead Erika Wykes-Sneyd.

According to a filing with the United States Securities and Exchange Commission on Jan. 31, electric vehicle manufacturer Tesla disclosed that it recorded a $204 million gross impairment loss during 2022 on its Bitcoin (BTC) holdings. Simultaneously, Tesla recorded a gain of $64 million from converting BTC into fiat currency at various points during the year, resulting in a net loss of $140 million from its cryptocurrency trading activities.  

Tesla Inc. (Nasdaq: TSLA) released its earnings results for Q4 2022 on Wednesday. The company’s balance sheet shows net digital assets of $184 million, down from $218 million in the previous quarter. According to its other financial statements, no digital assets were bought or sold during the fourth quarter.

Bitcoin (BTC) may be up 16% so far in 2023, but one stock it outperformed last year is now getting its revenge.