Tesla Holds Steady on Bitcoin Holdings in Q3, Maintaining $184 Million Position
Crypto News – In Tesla’s recently released earnings report for the third quarter, it’s evident that the company made no new Bitcoin purchases or sales during that period. The report, disclosed on Wednesday, notably omitted any mention of Bitcoin, indicating that Tesla maintained its existing Bitcoin holdings throughout the three months ending in September. The value of their holdings remained at $184 million, marking the fifth consecutive quarter without changes.
As of the latest data from bitcointreasury.net, Tesla still ranks as the third-largest public company in terms of Bitcoin holdings, estimated at 9,720 Bitcoins. Only MicroStrategy (MSTR) and Marathon Digital Holdings (MARA) surpass Tesla in this regard.
It’s worth noting that Tesla, under the leadership of crypto advocate Elon Musk, made significant waves in the cryptocurrency world when it invested $1.5 billion in Bitcoin in February 2021. This substantial investment amounted to approximately 43,000 Bitcoin tokens. At the time, Tesla also announced plans to accept Bitcoin as a form of payment.
However, in subsequent months, the company reversed its stance. It sold 4,320 Bitcoins in the first quarter of 2021 and liquidated 75% of its remaining balance, incurring substantial losses.
Despite the Bitcoin-related developments, Tesla reported a net income of $1.85 billion for the third quarter of 2023. This figure represents a 44% decline from the previous year, with earnings per share dropping from 95 cents to 53 cents.
As a result of these financial disclosures, Tesla’s shares experienced a 4.78% decline, trading at $242.68 on Wednesday.
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