Tesla's Q3 Report Shows Zero Bitcoin (BTC) Sales

19/10/2023

In Tesla's latest earnings report for the third quarter, the company revealed that it did not sell any of its Bitcoin (BTC) holdings during that period. As of September 30th, Tesla held approximately 9,720 BTC, which is worth about $275.6 million at the current market value.

This lack of BTC sales is noteworthy because Tesla had previously sold some of its Bitcoin holdings. In 2021, the company made a significant investment of $1.5 billion in Bitcoin, and it also began accepting Bitcoin as a payment method for its electric vehicles and other products. However, CEO Elon Musk's concerns about Bitcoin's environmental impact led to Tesla selling 4,320 BTC from its holdings. This move resulted in a $101 million impairment loss for the company.

By the second quarter of 2022, Tesla had reportedly sold 75% of its Bitcoin holdings. Musk explained that this decision was driven by the uncertainty surrounding the COVID-19 lockdowns in China, which prompted the company to maximize its cash position.

Since then, Tesla has maintained its Bitcoin holdings and reported no sales in its recently released third-quarter report. This suggests that the company is continuing to hold its Bitcoin assets without converting them into fiat currency, marking a shift in its approach compared to the previous sales of BTC holdings.

Resource: https://coingape.com/just-in-tesla-reported-no-bitcoin-btc-sales-in-q3/