Bitcoin News

Tesla Continues To Hold Bitcoin

Despite nearly a $1 billion sell-off in the prior quarter, electric vehicle manufacturer Tesla has not altered its remaining stock of Bitcoin as of the third quarter of 2022.

According to the company’s Q3 report, which was released on October 19, its “digital assets” still total $218 million, and there have been no losses in their value. It’s estimated that Tesla still has 9,720 BTC at the current price.

Tesla stated in its Q2 earnings report that it sold 75% of its Bitcoin during the quarter, bringing in $936 million in cash and making a $64 million profit.

Elon Musk, the CEO of Tesla, explained at the time that the COVID-19 lockdowns in China had caused liquidity concerns, which were the cause of the sell-off.

The company disclosed a $1.5 billion position in Bitcoin in February 2021, making it one of the largest corporate holders of the cryptocurrency at the time. A significant portion of that position was lost during the quarter due to the sell-off.

Overall for the third quarter of 2022, Tesla reported $3.3 billion in profits and $21.45 billion in revenues, which was reportedly below analysts’ expectations and caused Tesla’s stock price to decline by almost 14% in after-hours trading, according to Yahoo Finance.

Tesla And Dogecoin

Since January, the vehicle manufacturer’s selection of products has been available for purchase using Dogecoin thanks to Musk’s leadership. In May, his rocket-building firm SpaceX quickly adopted the same strategy.

One of Tesla’s most recent offerings was a limited-edition whistle that cost 1,000 DOGE, or about $60 at the time, and could only be ordered using DOGE. Although the exact number of units made available is unknown, they reportedly sold out in a matter of hours.

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