Elon Musk’s Tesla delivered its third-quarter results report, which revealed that the corporation had not adjusted its bitcoin stockpile and still had $218 million in bitcoin.
Tesla did not record any impairment charges on the value of its holdings because the price of bitcoin stayed nearly the same at the end of the second and third quarters at little under $20,000 each.
Tesla remains one of the largest publicly traded business Bitcoin holders, trailing only MicroStrategy and Galaxy Digital Holdings in terms of total holdings (130 000 BTC, or approximately $2.48 billion and $313 million, respectively).
Tesla sold 75% of its Bitcoin holdings in July for a $936 million profit. The decision to sell bitcoin, according to Musk, was made because “we needed to maximize our financial position” because it was uncertain when the COVID lockdowns in China would end.
A few days later, Elon Musk’s Tesla was found to have $222 million in Bitcoin (BTC) on its balance sheet in a report submitted to the US Securities and Exchange Commission.
It is important to note that these data only indicate the value of Tesla’s Bitcoin holdings at the time of the SEC filings. Because digital assets are not subject to regular market swings, the actual value could be much higher or lower.
According to leaked conversations from September, the world’s richest man discussed the likely future of the favored social networking platform with a number of digital entrepreneurs, including Jack Dorsey of Block Inc. and Sam Bankman-Fried of FTX.
One suggestion was to use Musk’s favored cryptocurrency, Dogecoin, as a payment option.
