Bitcoin
Third Quarter Report Shows Tesla Is Still Holding On To Its Bitcoin
The second quarter of 2022 had been set ablaze with speculation after automotive manufacturer Tesla reported that it had sold 3/4 of its bitcoin holdings. The value of its bitcoin holdings had declined during this time and the $936 million sale had been reportedly put into traditional currencies. However, it seems the company is not yet done with the digital asset as it continues to hold on to the remaining stash.
Not Selling Bitcoin
The Q3 report from the electric vehicle manufacturer shows that it is not at all done with cryptocurrencies. Its digital assets stash since the sale remains intact according to the report as Tesla holds $218 million worth of assets and 9,720 BTC.
Revenue reports for the quarter also show that the company has no need to keep dumping its bitcoin since it is doing well financially. The Elon Musk-led company reported that it saw $3.3 billion in profits from revenues of $21.45 billion for the third quarter of the year.
The company purchased its BTC back in 2021 for $1.5 billion, which made it one of the largest holdings by a public company at the time. According to data from Bitcoin Treasuries, the company still retains this title even after the sale as it is the public company with the third-largest bitcoin holdings in the world. Tesla’s BTC holdings are currently worth $186 million at today’s prices.
BTC settles below $20,000 | Source: BTCUSD on TradingView.com
Companies Betting Big
Despite the decline in the value of the digital asset, companies are not giving up on their holdings. The most notable of the companies that are betting big on bitcoin has been MicroStrategy, whose plan to hold bitcoin on its balance sheet has seen it become the company with the largest BTC holdings in the world.
MicroStrategy now holds around 130,000 BTC on its balance sheet which cost them a little less than $4 billion to purchase. The company is currently down more than $1 billion on its investment but has said that it plans to continue buying bitcoin.
With Tesla’s Q2 sale, Marathon Digital Holdings is now the company with the second-largest bitcoin holdings in the world with 10,055 BTC. Its entire stash is now worth about $192 million, and at a $150 million entry, the company remains in profit.
Jack Dorsey’s Block follows Tesla as the fourth largest with 8,027 BTC worth $153 million. While Hut 8 Mining Corporation boasts the fifth largest holding of any public company with 7,406 BTC.
Featured image from Outlook India, chart from TradingView.com
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