Electric vehicle maker Tesla has chosen to keep its remaining Bitcoin (BTC) holdings unchanged in the third quarter of 2022, despite selling off nearly $1 billion in the previous quarter.
In its Q3 report released on Oct. 19, Tesla confirmed that it still has $218 million worth of “digital assets” on its balance sheet, without any reported losses in the value of these assets. Based on current Bitcoin prices, it is estimated that Tesla still possesses approximately 9,720 BTC.
In its Q2 earnings report, Tesla had disclosed that it offloaded 75% of its Bitcoin holdings during the quarter, generating $936 million in cash and recording a $64 million profit from the sale.
Tesla CEO Elon Musk had cited liquidity concerns arising from the COVID-19 lockdowns in China as the reason behind the sell-off at that time.
This significant sell-off during the last quarter affected Tesla’s $1.5 billion Bitcoin position, which the company had first revealed in February 2021, making it one of the largest corporate holders of Bitcoin at the time.
In Q3 of 2022, Tesla reported profits of $3.3 billion and revenues of $21.45 billion, slightly missing analysts’ expectations, leading to a nearly 14% drop in Tesla’s stock price during after-hours trading, according to Yahoo Finance.
Since January, under Musk’s guidance, Tesla has expanded its range of products that can be purchased with Dogecoin (DOGE). His aerospace company, SpaceX, also followed this trend in May.
One of Tesla’s recent novel products was a limited edition whistle available for purchase in September for 1,000 DOGE, or about $60 at that time, which reportedly sold out within hours. The exact number of units made available remains unknown.
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