In The Third Quarter, Tesla Kept All Of Its Remaining $218 Million In Bitcoin

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Last Updated on October 20, 2022 by Bitfinsider

Tesla, a manufacturer of electric vehicles, did not make any further adjustments to its remaining stash of Bitcoin during the third quarter of 2022, despite having sold off nearly one billion dollars’ worth of Bitcoin during the preceding quarter.

The report for the third quarter, which was released on October 19, reveals that the company still has “digital assets” worth $218 million on its balance sheet, and there have been no reported losses in the value of its holdings. According to the prices at the moment, it is estimated that Tesla still has around 9,720 BTC in their possession.

In its earnings report for the second quarter, Tesla stated that it had sold 75% of its Bitcoin holdings during the period, bringing in a total of $936 million in cash while also noting a profit of $64 million from the transaction.

Elon Musk, CEO of Tesla, provided an explanation for the sell-off at the time, saying that it was due to liquidity concerns caused by the COVID-19 lockdowns in China.

The company had revealed in February 2021 that it held a position in Bitcoin worth $1.5 billion, which, at the time, made it one of the largest corporate holders of Bitcoin. However, the sell-off that took place during the quarter took a large chunk out of that position.

According to Yahoo Finance, Tesla’s stock price dropped by nearly 14% in after-hours trading as a result of the company’s Q3 2022 financial results, which showed a profit of $3.3 billion on revenues of $21.45 billion. This reportedly did not meet the expectations of analysts, which led to the disappointing results.

Since January, customers have been able to pay for a variety of Tesla, Inc. merchandise with the cryptocurrency known as dogecoin thanks to the leadership of Elon Musk. Soon after, in May, Elon Musk’s rocket-building company SpaceX did the same thing.

One of Tesla’s more recent products was a limited edition whistle that the company put up for sale in September. The whistle could only be bought with Dogecoin and sold at a retail price of 1,000 Dogecoin, which was equivalent to approximately $60 at the time. It is unclear exactly how many units were made available, but reports indicate that they were purchased up in a matter of hours.

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