Based on the newly released third-quarter <\/span>earnings report<\/span><\/a> for electric automobile manufacturer Tesla, the company did not complete any sale of Bitcoin (BTC) in the last three months.<\/span><\/p>\n As of September 30th, Tesla\u2019s Bitcoin holding was around 9,720 BTC which is currently valued at approximately $275.6 million.\u00a0<\/span><\/p>\n <\/p>\n In the Q3 report, no mention was made about BTC and this suggests that there was no conversion of the digital currency to fiat currency in this last quarter. Had the firm made any proactive selloff move, it could have ultimately imparted its profitability and cash balance and this would have been reported by the firm.<\/span><\/p>\n Tesla\u2019s first foray into Bitcoin <\/span>began<\/span><\/a> in early 2021 with a $1.5 billion investment, as stated in a United States Securities and Exchange Commission (SEC) filing. Precisely, the Elon Musk-owned company bought 43,000 units of the leading digital asset by market capitalization at an estimated average price of\u00a0around $34,000.\u00a0<\/span><\/p>\n Markedly, this was the same time the firm began <\/span>accepting<\/span><\/a> BTC as a payment option for its vehicles and other products.<\/span><\/p>\n <\/p>\n <\/p>\n Shortly after Tesla\u2019s acquisition and <\/span>hodling<\/span><\/a> of Bitcoin tokens, talks about the impact of its mining operations on the environment began to make rounds in the ecosystem.\u00a0<\/span><\/p>\n At this point, CEO Elon Musk began to hold some reservations about the coin and decided to sell off 4,320 BTC from its holding. In no time, BTC suffered a drop in value which consequently gave rise to a $101 million impairment <\/span>loss<\/span><\/a> for Tesla at the time.<\/span><\/p>\n The sales of its Bitcoin holding continued and by Q2 2022, it was reported that the electric vehicle manufacturer had successfully <\/span>sold<\/span><\/a> 75% of its holding. At the time, Musk explained that the decision to sell a significant portion of its Bitcoin holding was largely tied to the fact that the company was not certain \u201cwhen the COVID lockdowns in China would alleviate,\u201d as it had to maximize its cash position.<\/span><\/p>\n Since then till now, Tesla has done better in terms of its Bitcoin HODLing agenda. In Q2 2023, its digital asset holding equally <\/span>remained<\/span><\/a> unchanged just like its newly released Q3 2023 report highlights.<\/span><\/p>\n <\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n –><\/p>\n –><\/p>\n Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n <!– <\/p>\nTesla HODLs 9720 BTC<\/strong><\/h2>\n
Tesla Sustains Bitcoin Holdings<\/strong><\/h2>\n
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