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HODL: Tesla holds $218m in bitcoin in third quarter

by Chief editor

Tesla’s latest earnings report (for Q3) shows that the company did not top up its BTC holdings after a large sale of nearly $1 billion in assets in Q2.

Tesla continues to hold $218 million worth of digital assets, with no reported loss in asset value. Based on current prices, it can be assumed that Tesla owns around 9,720 BTC.

In its Q2 earnings report, Tesla said it sold 75% of its bitcoins during the quarter, adding $936 million to its balance sheet and making a $64 million profit on the sale.

The divestment during the quarter took away a significant portion of the company’s $1.5 billion bitcoin position, which it announced in February 2021, making Tesla one of the largest corporate holders of bitcoin at the time.

Overall for Q3 2022, Tesla posted a profit of $3.3bn on revenue of $21.45bn, which reportedly missed analysts’ expectations and Tesla’s share price fell almost 14%, according to Yahoo Finance.

The carmaker made its range of products available for purchase via Dogecoin in January. Ilon Musk’s rocket company SpaceX followed suit in May.

One of Tesla’s latest products was a limited edition whistleblower that the company put up for sale in September, which could only be purchased for DOGE at 1,000 DOGE per unit, which was around $60 at the time. It is not known exactly how many copies were produced, but the entire batch of whistles reportedly sold out within hours.

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