Tesla’s Q3 report shows Musk a Hodler with $218m in Bitcoin

Category: Crypto Fintech

Posted by Ravindu Dabarera Posted: Oct 20, 2022

In its quarterly report for the third quarter, electric vehicle giant Tesla revealed it didn’t change its Bitcoin holdings despite the bear market within the sector.

Tesla still holding $218 million in Bitcoin

The company did sell almost 75 percent of its BTC holding back in July when it was reported that the worth of Bitcoin it held stood at $222 million. The sale added $936 million in cash to its books and created a profit of $64 million.

However, in its new Q3 report Tesla shows it’s holding about the same amount – 10725 BTC, or $218M worth of Bitcoin on its balance sheet.

In its quarterly report, Tesla also reported a profit of $3.3 billion out of total revenue of $21.45 billion.

Tesla had digital assets worth $1.26 billion in the first quarter this year, but as its CEO Elon Musk then said – the sale had to take place because of liquidity worries regarding pandemic-related lockdowns in China.

“It was important for us to maximize our cash position, given the uncertainty of COVID lockdowns in China,” he then asserted.

Tesla among largest Bitcoin corporate holders

However, Tesla is still among the biggest holders of Bitcoin among publicly traded companies. First is MicroStrategy with 130,000 BTC and second is Galaxy Digital Holdings with 16,400 BTC holdings.

Musk has always been vocal when it comes to cryptocurrencies. His tweets were known as one of the most influential when it comes to Bitcoin (and some altcoin) prices. Currently, there is an ongoing $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin at the time.

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