© Reuters Did Elon Musk’s Tesla Alter Its Bitcoin Holdings In Q3?
Tesla Inc. (NASDAQ: NASDAQ:) did not sell any of its (CRYPTO: BTC) holdings this quarter, the company said in its latest earnings report. The EV maker holds about 10,500 BTC.
What Happened: According to Tesla’s third-quarter earnings report, $218 million worth of “digital assets” remain on the company’s balance sheet. The company didn’t discuss cryptocurrencies at the conference call following the earnings report.
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At the end of the second quarter in July, Tesla had sold $936 million worth of its BTC — approximately 75% of its holdings — in a bid to raise cash.
“The reason we sold a bunch of our Bitcoin holdings 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,” Tesla CEO Elon Musk said during the second quarterly call in July.
Musk stated that the company was open to increasing Bitcoin holdings in the future, “so this should not be taken as some verdict on Bitcoin.”
He added, “It’s just that we were concerned about overall liquidity for the company, given COVID shutdowns in China.”
Musk also said that the company didn’t sell any of its (CRYPTO: DOGE) holdings.
Tesla had earlier said it made $64 million on the sale of its holdings in the second quarter. For the third quarter, the company posted $3.3 billion in profits, reaching revenues of $21.45 billion.
Price Action: At the time of writing, Bitcoin was at $19,131.17, down by 0.21% in the last 24 hours, according to data from Benzinga Pro.
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