Elon Musk's Tesla Continues To Hold Bitcoin

Elon Musk’s Tesla Maintained Its Bitcoin Stash As It Is

Tesla CEO Elon Musk has decided not sell any of its bitcoin holdings nor purchase any additional bitcoin in the third quarter

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Tesla ended the Q2 with just $218 million in Bitcoin, down from $1.26 Billion in the previous three quarters.

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Tesla reported no impairment charges to the value of its bitcoin holdings, as the price of the cryptocurrency remained almost the same at the end of both Q1 and Q2 at slightly under $20,000.

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Sale was made because of the uncertainty of the Covid lockdowns in China. Tesla is open to boosting its bitcoin exposure in the future, CEO Elon Musk said.

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The price of bitcoin fell about 1.7% on the initial news at the time, but soon regained its losses after Musk’s remarks on the call.

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In February 2021, Tesla announced it had purchased $1.5 billion worth of bitcoin, a move that caused the price of bitcoin to surge.

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Tesla shares were falling just over 4% to $212.83 in after-hours trading Wednesday.

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