Tesla has continued to uphold its Bitcoin holdings in the third quarter (Q3) of 2023, marking its fifth consecutive quarter without any changes to its digital asset investments.
According to Tesla’s Q3 2023 financial results, released on October 18, the EV manufacturer company retained around $184 million worth of digital assets as of September 30. This amount is a fraction of the $1.5 billion worth of BTC that Tesla initially acquired in March 2021.
The latest quarterly results affirm that Tesla neither purchased nor sold any Bitcoin during this period. It’s important to note that the previous year witnessed a significant shift in Tesla’s Bitcoin strategy.
In the second quarter of 2022, the company sold about 75% of its Bitcoin holdings, realizing over $936 million from the sale of over 30,000 BTC.
In contrast to its digital asset holdings, Tesla reported growth in its computing capacity. The firm announced that it had “more than doubled the size” of its computing resources, primarily to support its AI projects.
Tesla’s official statement indicated, “We have commissioned one of the world’s largest supercomputers to accelerate the pace of our AI development, with compute capacity more than doubling compared to Q2.”
However, Tesla’s Q3 2023 financial results fell short of Wall Street estimates, especially in terms of earnings and profits.
While the company reported total revenues of $23.35 billion for the quarter, reflecting a 9% increase from the same period the previous year, this figure missed the estimated $24.38 billion projected by Zacks Investment Research.
Tesla’s earnings per share (EPS) for the third quarter reached $0.66, falling below the estimated $0.72 EPS provided by Zacks.