š²š Elon Musk's Tesla still has $275 million worth of Bitcoin
The 2023 third quarter earnings report shows that the electric vehicle company has been holding 9,720 Bitcoins since last year.
A new earnings report from Elon Musk's Tesla revealed that the electric vehicle manufacturer still holds 9,720 Bitcoins worth about $275,600,000 on its balance sheet at the time of writing.
Bitcoin was not mentioned in the end-of-quarter report, implying that there was no conversion to fiat money that would affect the company's profitability and cash balance and would usually be reported.
According to the US Securities and Exchange Commission (SEC), Tesla's bitcoin treasury was worth $ 1.5 billion at its peak, according to which it purchased more than 43,000 bitcoins at an estimated average price of about $ 34,000 in early 2021. However, it was seen that Musk soon changed his mind. Tesla, which later stated that it was concerned about the fossil fuel consumption of bitcoin mining operations, sold 4,320 BTC of its treasury in the first quarter of 2021. He then sold about 75% of the remaining bitcoin at a price loss of 48%. the second quarter of 2022 .
Today's report shows that Tesla's Bitcoin assets are still the third largest among publicly traded companies. Dec.
In the earnings report, it was not clear whether Tesla's persistent Bitcoin holdings stem from a belief in the asset's value, or simply a desire not to lose more than he already has in his Bitcoin investment by selling at prices below his initial accumulation. .
Tesla's decisions regarding the bitcoin stack are being closely watched by investors because it has been well documented that Musk's moves towards cryptocurrencies can set the market in motion.
