Based on newly released third quarter Results report For electric car maker Tesla, the company has not completed a Bitcoin (BTC) sale in the past three months.
Tesla HODLs 9720 BTC
As of September 30, Tesla’s Bitcoin holdings were around 9,720 BTC, which is currently worth about $275.6 million.
There was no mention of BTC in the Q3 report, suggesting that there was no digital currency conversion to fiat in the last quarter. Had the company undertaken a proactive sell-off, it could have ultimately improved its profitability and cash balance, and this would have been reported by the company.
Tesla’s first foray into Bitcoin started in early 2021 with an investment of $1.5 billion, according to a filing with the U.S. Securities and Exchange Commission (SEC). More specifically, the company owned by Elon Musk purchased 43,000 units of the leading digital asset by market capitalization at an estimated average price of around $34,000.
Remarkably, this was the same time the company was founded accept BTC as a payment option for its vehicles and other products.
Tesla maintains Bitcoin holdings
Shortly after the takeover of Tesla and Hodling With Bitcoin tokens becoming increasingly popular, conversations about the environmental impact of its mining operations have been making rounds in the ecosystem.
At this point, CEO Elon Musk began to have some reservations about the coin and decided to sell 4,320 BTC from his holdings. BTC suffered a loss in value within a very short period of time, resulting in a depreciation of $101 million Loss for Tesla back then.
The electric vehicle manufacturer reported success in selling its Bitcoin holdings in the second quarter of 2022 sold 75% of his share. At the time, Musk explained that the decision to sell a significant portion of his Bitcoin holdings was largely related to the company not being sure “when the COVID lockdowns in China would ease” as it needed to maximize its liquidity position.
Since then, Tesla has seen better results in terms of its Bitcoin HODLing agenda. In the second quarter of 2023, the stock of digital assets will be held equally stayed unchanged, as are the highlights of the newly published third quarter 2023 report.
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