- Elon Musk’s Tesla still holds $218 million in Bitcoin as of the third quarter of 2022.
- In July, Tesla sold 75% of its Bitcoin holdings for a $936 million profit.
- Tesla is still one of the top two publicly traded companies that own the most Bitcoin.
Tesla, owned by billionaire entrepreneur Elon Musk, presented its third-quarter results report, which showed that the company had not changed its Bitcoin stockpile and still had $218 million worth of cryptocurrency.
Since the price of bitcoin remained roughly the same at the conclusion of the second and third quarters at just under $20,000, Tesla did not record any impairment charges to the value of its holdings.
Tesla continues to be one of the largest Bitcoin holders by a publicly traded company, trailing only MicroStrategy and Galaxy Digital Holdings in terms of total holdings (130 000 BTC, or around $2.48 billion and $313 million, respectively).
Tesla liquidated 75% of its Bitcoin assets in July for a $936 million profit.
According to Musk, the decision to sell the bitcoin was made because “we needed to maximize our financial position” because it was unclear when the Covid lockdowns in China would end.
A few days later, in a report submitted to the US Securities and Exchange Commission, it revealed that Elon Musk’s Tesla had $222 million worth of digital assets on its balance sheet.
It is important to remember that these figures only represent the value of Tesla’s Bitcoin holdings when the SEC filings were made. The actual value could be significantly higher or lower, as digital assets are not subject to traditional market fluctuations.
Leaked communications from September showed that the world’s richest man had discussions about the probable future of the preferred social networking platform with various digital entrepreneurs, including Jack Dorsey of Block Inc. and Sam Bankman-Fried of FTX.
One idea that was put out was using Musk’s preferred cryptocurrency, Dogecoin, as a payment option.
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