NewsletterJust In: Tesla Reported No Bitcoin (BTC) Sales in Q3
Based on the newly released third-quarter earnings report for electric automobile manufacturer Tesla, the company did not complete any sale of Bitcoin (BTC) in the last three months.
Tesla HODLs 9720 BTC
As of September 30th, Tesla’s Bitcoin holding was around 9,720 BTC which is currently valued at approximately $275.6 million.
In the Q3 report, no mention was made about BTC and this suggests that there was no conversion of the digital currency to fiat currency in this last quarter. Had the firm made any proactive selloff move, it could have ultimately imparted its profitability and cash balance and this would have been reported by the firm.
Tesla’s first foray into Bitcoin began in early 2021 with a $1.5 billion investment, as stated in a United States Securities and Exchange Commission (SEC) filing. Precisely, the Elon Musk-owned company bought 43,000 units of the leading digital asset by market capitalization at an estimated average price of around $34,000.
Markedly, this was the same time the firm began accepting BTC as a payment option for its vehicles and other products.
Tesla Sustains Bitcoin Holdings
Shortly after Tesla’s acquisition and hodling of Bitcoin tokens, talks about the impact of its mining operations on the environment began to make rounds in the ecosystem.
At this point, CEO Elon Musk began to hold some reservations about the coin and decided to sell off 4,320 BTC from its holding. In no time, BTC suffered a drop in value which consequently gave rise to a $101 million impairment loss for Tesla at the time.
The sales of its Bitcoin holding continued and by Q2 2022, it was reported that the electric vehicle manufacturer had successfully sold 75% of its holding. At the time, Musk explained that the decision to sell a significant portion of its Bitcoin holding was largely tied to the fact that the company was not certain “when the COVID lockdowns in China would alleviate,” as it had to maximize its cash position.
Since then till now, Tesla has done better in terms of its Bitcoin HODLing agenda. In Q2 2023, its digital asset holding equally remained unchanged just like its newly released Q3 2023 report highlights.
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