Post By: CryptosHeadlines.com
In Tesla’s latest Q3 earnings report, it’s revealed that the company didn’t sell any Bitcoin in the past three months. This marks the fifth consecutive quarter without any Bitcoin sales for the company.
The Q3 2023 Report
According to the Q3 2023 Report, as of September 30th, Tesla held approximately 9,720 Bitcoin (BTC), valued at around $275.6 million. The report didn’t mention any conversion of BTC into cash during the third quarter, indicating no significant selling of digital currency. If they had sold a substantial amount, they would have likely shared this news in terms of profits and cash balance.
Tesla initially got into Bitcoin in early 2021, investing $1.5 billion and buying around 43,000 BTC at an average cost of roughly $34,000 per Bitcoin. This move was seen as a big show of confidence in Bitcoin as a store of value and caused the cryptocurrency’s price to spike. However, it also raised concerns about the company’s exposure to the volatile crypto market.
During this time, Tesla also began accepting Bitcoin as payment for its cars and other products.
Maintaining uniformity
Tesla, known for making electric cars, didn’t buy or sell any Bitcoin in Q2 2023, making it the fourth consecutive quarter without such activity.
After a surprising move in the second quarter, when Tesla sold nearly 75% of its Bitcoin holdings, approximately $936 million, to raise funds, the remaining digital assets were valued at $218 million.
Because the Bitcoin price remained relatively stable, staying just under $20,000 throughout the second and third quarters, Tesla didn’t report any losses or write-downs in the value of its Bitcoin holdings.
In summary
Tesla’s decision to stop selling Bitcoin aligns with its earlier choice to no longer accept it as payment for their electric cars because of environmental worries. Nevertheless, the company is actively working on expanding its digital asset holdings and searching for more eco-friendly ways to handle cryptocurrency transactions.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.