According to the latest third quarter financial report released by electric vehicle manufacturer Tesla, the company has not completed any Bitcoin (BTC) sales in the past three months.Tesla holds 9720BTCAs of September 30th, Tesla holds approximately 9720BTC of Bitcoin, currently worth approximately $275
According to the latest third quarter financial report released by electric vehicle manufacturer Tesla, the company has not completed any Bitcoin (BTC) sales in the past three months.
Tesla holds 9720BTC
As of September 30th, Tesla holds approximately 9720BTC of Bitcoin, currently worth approximately $275.6 million.
In the third quarter report, there was no mention of Bitcoin, indicating that digital currency was not converted into legal tender in the previous quarter. If the company takes any proactive selling measures, it may ultimately abandon its profitability and cash balance, and the company will report on this.
According to documents from the US Securities and Exchange Commission (SEC), Tesla made its first foray into Bitcoin in early 2021, investing $1.5 billion. To be precise, Elon Musk's company purchased 43000 leading digital assets by market value at an estimated average price of approximately $34000.
It is worth noting that at the same time, the company began accepting Bitcoin as a payment option for its vehicles and other products.
Tesla maintains Bitcoin holdings
Shortly after Tesla acquired and held Bitcoin tokens, discussions about the environmental impact of its mining business began to circulate in the ecosystem.
At this point, CEO Elon Musk began to hold a reserved attitude towards the token and decided to sell his 4320 Bitcoins. The value of Bitcoin quickly declined, causing Tesla to lose $101 million at the time.
The sale of its Bitcoin holdings is still ongoing, and it is reported that by the second quarter of 2022, the electric vehicle manufacturer has successfully sold 75% of its Bitcoin holdings. At that time, Musk explained that the decision to sell most of its Bitcoin holdings was largely related to the company's uncertainty about "when China's COVID-19 blockade will ease", because it had to maximize its cash position.
Since then, Tesla has been doing better in terms of Bitcoin ownership agenda. In the second quarter of 2023, its digital asset holdings remained unchanged, just like the highlights of its newly released third quarter report for 2023.
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