Elon Musk's company Tesla owns 10.725 bitcoins, valued at approximately $205,2 million, as of this writing.
Tesla's earnings report for the third quarter (Q3) of this year shows that the electric car company owned by Elon Musk still holds on to its bitcoins.
Although Tesla became the owner of thousands of bitcoins in 2021, when it invested $1.500 billion in this cryptocurrency, it decided in the second quarter of this year sell about 75% of your property in BTC, in order to improve its cash flow during the time of economic slowdown caused by the closures in China due to the new Covid outbreaks and the global macroeconomic situation.
The news shocked the crypto community, causing a slight drop in the price of Bitcoin in the market at the time. However, the company clarified that the sale of a large part of its bitcoin holdings did not mean a sentence for the cryptocurrency or its technology. Tesla even left open the possibility of acquiring more bitcoin and increasing its holdings in the future.
Now, although the company did not buy new bitcoins in the third quarter, it did keep the rest of its cryptocurrencies intact on its balance sheet. As Bitcoin investor and enthusiast Alondra Davis noted on his Twitter account, Tesla “did not sell any of its bitcoins in the last quarter”.
The results of its Q3 earnings report reflected that the company kept its Bitcoin holdings unchanged, retaining its 10.725 BTC.
With this amount of bitcoins available, Tesla continues to be one of the public, publicly traded companies that holds the most BTC. In fact, Tesla is behind Galaxy Digital Holdings, which owns about 16.400 BTC, and MicroStrategy, which owns 130.000 BTC; The latter being the largest institutional investor in the cryptocurrency, currently.
At the time of writing this article, the price of Bitcoin is trading above $19.140 per unit and maintains a market capitalization of more than $367.100 billion, according to CoinMarketCap.
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