Despite nearly a $1 billion sell-off in the prior quarter, Tesla made no changes to its Bitcoin holdings in the third quarter (Q3) of 2022.
According to the company’s Q3 report, which was released on October 19, its “digital assets” still total $218 million, and there have been no reductions in their value. It’s believed that Tesla still has 9,720 BTC at the present price.
Tesla stated in its Q2 earnings report that it sold 75% of its Bitcoin during the quarter, bringing in $936 million in cash and making a $64 million profit.
Elon Musk, the CEO of Tesla, claimed at the time that the COVID-19 lockdowns in China had caused liquidity worries, which were the cause of the sell-off.
The corporation disclosed a $1.5 billion holding in Bitcoin in February 2021, making it one of the largest corporate holders of the cryptocurrency at the time. A significant portion of that position was lost during the quarter due to the sell-off.
Overall for the third quarter of 2022, Tesla reported $3.3 billion in profits and $21.45 billion in revenues, which was apparently below analysts’ estimates and caused Tesla’s stock price to decline by about 14% in after-hours trading, according to Yahoo Finance.
Since January, the automobile manufacturer’s selection of products has been available for buying using Dogecoin thanks to Musk’s leadership. In May, his rocket-building firm SpaceX quickly adopted the same strategy.
One of Tesla’s most recent offerings was a limited-edition whistle that cost 1,000 DOGE, or about $60 at the time, and could only be ordered using DOGE. Although the precise number of units made available is unknown, they apparently sold out in a matter of hours.
