HODL! Tesla hangs onto all its remaining $218M in Bitcoin in Q3
Electric vehicle manufacturer Tesla has made no further changes to its remaining stash of Bitcoin (BTC) in the third quarter of 2022, despite nearly a $1 billion sell-off in the previous quarter.
The company’s Q3 report released Oct. 19 shows $218 million worth of “digital assets” remains on its balance sheet, with no reported losses in the value of its holdings. Based on current prices, it’s estimated that Tesla still holds around 9,720 BTC.
In Q2 earnings report, Tesla said it sold 75% of its Bitcoin during the quarter, adding $936 million in cash to its books and recording a $64 million profit from the sale.
Tesla CEO Elon Musk explained at the time that the sell-off was due to liquidity concerns from the COVID-19 lockdowns in China.
The sell-off during the quarter took a large chunk of the company’s $1.5 billion position in Bitcoin, which it had revealed in February 2021, which at the time, made it one of the largest corporate holders of Bitcoin.
Overall for Q3 2022, Tesla posted $3.3 billion in profits attaining revenues of $21.45 billion, which reportedly fell short of analysts’ expectations, and saw Tesla’s stock price fall by nearly 14% in after-hours trading according to Yahoo Finance.
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Under Musk’s leadership, the vehicle company has seen its range of merchandise available for purchase using Dogecoin (DOGE) since January. His rocket-building company SpaceX soon followed suit in May.
One of Tesla’s recent products was a limited edition whistle it posted for sale in September which could only be purchased using DOGE retailing for 1,000 DOGE, or around $60 at the time. It’s unknown exactly how many units were made available but it reportedly sold out within hours.