The automaker hasn’t changed its Bitcoin holdings since the second quarter’s significant sell-off, according to its most recent financial report for the third quarter.
Despite nearly a $1 billion sell-off in the prior quarter, electric vehicle maker Tesla has not altered its remaining stock of Bitcoin as of the third quarter of 2022.
The company’s Q3 report, which was released on October 19, reveals that $218 million in “digital assets” still appear on its balance sheet and that there have been no reductions in their value. It’s believed that Tesla still has 9,720 BTC at the present price.
According to Tesla’s Q2 earnings report, it sold 75% of its Bitcoin during the quarter, generating $936 million in cash and a $64 million profit for the company.
Elon Musk, the CEO of Tesla, claimed at the time that the COVID-19 lockdowns in China had caused liquidity worries, which were the cause of the sell-off.
The company’s $1.5 billion holding in Bitcoin, which it disclosed in February 2021 and which at the time made it one of the largest corporate investors of Bitcoin, was heavily reduced by the sell-off during the quarter.
According to Yahoo Finance, Tesla reported $3.3 billion in profits overall for Q3 2022, achieving revenues of $21.45 billion, which apparently fell short of analysts’ estimates, and saw Tesla’s stock price decline by about 14% in after-hours trading.
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