Tesla kept all of its Bitcoin holdings during the third quarter of 2022. This is the observation that can be made by reading the report of the car manufacturer published recently on its results. Elon Musk’s company has therefore not reissued the massive sale of its BTC tokens as was the case in the second quarter.
No Changes to Tesla’s Bitcoin Wallet
The Tesla Group was one of the largest bitcoin holders in the world with assets worth $1.5 billion according to figures from the automaker published in February 2021. In the previous quarter, the company sold 75% of Bitcoins it owned as announced in its second quarter business report.
The sale was valued at around $1 billion., allowing the company to record $64 million in profits. Tesla had decided to sell its tokens to solve liquidity problems encountered in China due to the blockages caused by the health crisis, according to what entrepreneur Elon Musk said.
During the third trimester, Tesla kept his $218 million worth of BTC as confirmed by its activity report published on October 19th. The automaker’s BTC wallet is valued at around 9,720 BTC according to its balance sheet. The American billionaire’s company has therefore insisted on keeping its holdings of digital assets and is not declaring any loss.
Tesla in the green in the third quarter
Activities have resumed well at Tesla according to the balance sheet established in its quarterly report. The American company does not declare any losses. On the contrary, it displays profits of around $3.3 billion in the third quarter of 2022.
However, the recorded income does not fully meet the expectations placed in society. Yahoo Finance reveals that the Tesla’s share price fell about 14% after-hours as expectations were well beyond the $21.45 billion in revenue achieved.
Elon Musk’s intervention in the field of cryptos is far from over. Despite Bitcoin’s massive sell-off last quarter, Tesla hasn’t just held on to its digital tokens. The company develops solutions that integrate the use of cryptos daily.
Since January 2022, it is possible tobuy the Tesla line of merchandise with DOGE, the tokens of the Dogecoin crypto, repeatedly supported by Elon Musk on social networks. Last May, it was the turn of SpaceXthe rocket-building company of the American billionaire, ofaccept DOGE crypto payments.
More recently, Tesla began marketing a whistle inspired by his futuristic series Cybertruck. It was a limited edition collectible that could only be purchased with DOGE Tokens. Its price was set at 1,000 DOGE, or $60 when it goes on sale. These collector’s items were sold out in a few hours.