Billionaire businessman Elon Musk’s Tesla unveiled its third-quarter earnings report which revealed that it didn’t make any changes in its Bitcoin stash with $218 million worth of Bitcoin still with them.
Tesla reported no impairment charges to the value of its bitcoin holdings, as the price of the cryptocurrency remained almost the same at the end of both the second and third quarters at slightly under $20,000.
In July, Tesla sold 75% of its Bitcoin holdings for $936 million. Musk noted that the reason they sold the bitcoin was that we were uncertain as to when the Covid lockdowns in China would alleviate so “It was important for us to maximize our cash position.”
A few days later, in a report filed with the US Securities and Exchange Commission, it was shown that Elon Musk’s Tesla held $222 million worth of digital assets on its balance sheet as of the end of June.
After MicroStrategy with 130,000 BTC or about $2.48 billion and Galaxy Digital Holdings with 16,400 BTC or about $313 million, Tesla continues to be one of the biggest Bitcoin holders by a publicly traded firm.
