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HODL! Tesla is holding on to all of its remaining $218 million in bitcoin in the third quarter

Published on

December 20, 2022
Read Time:1 Minute, 39 Second

Electrical automobile maker Tesla made no additional modifications to its remaining Bitcoin (BTC) stash within the third quarter of 2022, regardless of a sell-off of practically $1 billion within the earlier quarter.

The corporate's Q3 report revealed on Oct. 19 reveals that $218 million price of “digital property” stay on its steadiness sheet with no reported losses on the worth of its holdings. Based mostly on present costs it's estimated that Tesla nonetheless holds round 9,720 BTC.

Within the Q2 earnings report, Tesla introduced that it bought 75% of its bitcoin throughout the quarter, placing $936 million in money on its books and recording a $64 million acquire on the sale.

Tesla CEO Elon Musk defined on the time that the sell-off was attributable to liquidity points stemming from the COVID-19 lockdowns in China.

The sell-off throughout the quarter took a big chunk of the corporate's $1.5 billion place in Bitcoin, which it uncovered in February 2021, making it one in every of Bitcoin's largest company holders on the time.

Total, Tesla posted earnings of $3.3 billion and income of $21.45 billion for the third quarter of 2022, which reportedly fell wanting analysts' expectations and noticed Tesla's share value fall within the after-hours buying and selling session Buying and selling fell practically 14% according to to Yahoo Finance.

Associated: Binance, Sequoia nonetheless helps Elon Musk's bid for Twitter

Below Musk's management, the automobile producer has been capable of purchase its vary of products with Dogecoin (DOGE) since January. His rocket-making firm, SpaceX, quickly adopted go well with in Could.

One among Tesla's most up-to-date merchandise was a restricted version whistle that went on sale in September and was solely accessible at DOGE retail for 1,000 DOGE, or round $60 on the time. It is not recognized precisely what number of models had been made accessible, nevertheless it was reported to have bought out inside hours.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : December 20, 2022
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