HODL! Tesla hangs onto all its remaining $218M in Bitcoin in Q3

Electric conveyance shaper Tesla has made nary further changes to its remaining stash of Bitcoin (BTC) successful the 3rd 4th of 2022, contempt astir a $1 cardinal sell-off successful the erstwhile quarter.

The company’s Q3 report released Oct. 19 shows $218 cardinal worthy of “digital assets” remains connected its equilibrium sheet, with nary reported losses successful the worth of its holdings. Based connected existent prices, it’s estimated that Tesla inactive holds astir 9,720 BTC.

In Q2 net report, Tesla said it sold 75% of its Bitcoin during the quarter, adding $936 cardinal successful currency to its books and signaling a $64 cardinal profit from the sale.

Tesla CEO Elon Musk explained astatine the clip that the sell-off was owed to liquidity concerns from the COVID-19 lockdowns successful China.

The sell-off during the 4th took a ample chunk of the company’s $1.5 cardinal position successful Bitcoin, which it had revealed successful February 2021, which astatine the time, made it 1 of the largest firm holders of Bitcoin.

Overall for Q3 2022, Tesla posted $3.3 cardinal successful profits attaining revenues of $21.45 billion, which reportedly fell abbreviated of analysts’ expectations, and saw Tesla’s banal terms autumn by astir 14% successful after-hours trading according to Yahoo Finance.

Related: Binance, Sequoia inactive backing Elon Musk’s bid for Twitter

Under Musk’s leadership, the conveyance institution has seen its scope of merchandise available for acquisition utilizing Dogecoin (DOGE) since January. His rocket-building institution SpaceX soon followed suit successful May.

One of Tesla’s caller products was a limited variation whistle it posted for merchantability successful September which could lone beryllium purchased utilizing DOGE retailing for 1,000 DOGE, oregon astir $60 astatine the time. It’s chartless precisely however galore units were made disposable but it reportedly sold retired wrong hours.