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Tesla’s $218 million bitcoin holdings remained unchanged in Q3

TL;DR

  • Electric car maker Tesla said it didn’t sell any Bitcoin throughout Q3.
  • The company currently holds $218 million in BTC and still ranks among the largest corporate Bitcoin investors.
  • TSLA’s pride dropped about 6.25% following the Q3 earnings release.

Elon Musk’s electric automobile manufacturer Tesla has revealed that its Bitcoin holdings were unchanged throughout the third quarter, irrespective of heavy losses in Bitcoin and the entire crypto market.

Tesla is still holding its Bitcoin balance

According to the Q3 earnings release to investors, the electric car company still owns about $218 million in Bitcoin, the exact remainder after the reported sale in Q2. With such possession, Tesla still ranks among the largest corporate Bitcoin holders. 

In February 2021, Tesla added $1.5 billion worth of Bitcoin to its corporate balance sheet, following the likes of Microstrategy. During Q2 of 2022, however, the company announced its earnings report that it offloaded about 75% of the holdings for about $936 million amid COVID lockdowns in China. 

“The reason we sold a bunch of our Bitcoin holdings was that we were uncertain when the COVID lockdowns in China would alleviate. […] So it was important for us to maximize our cash position, given the uncertainty of COVID lockdowns in China,” Elon Musk said.

Tesla records $21 billion in revenue

Meanwhile, Tesla generated $21.45 billion in revenue throughout the third quarter, which is higher than Q2 revenue of $16.9 billion, but below the expected revenue of $21.96 billion. Musk said Tesla sees excellent demand in fourth-quarter, but the company would miss its delivery targets this year. 

The billionaire also mentioned of possible price increases for Tesla cars amid the impact of inflation on building materials. “Raw material cost inflation impacted our profitability along with ramp inefficiencies,” Musk said. Following the Q3 report, Tesla’s stock ($TSLA) dropped by about 6.25%. 

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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