Monday, December 5, 2022
HomeBTCTesla Still Holding $218 Million Worth Of Bitcoins

Tesla Still Holding $218 Million Worth Of Bitcoins

According to the earnings report of Tesla (TSLA), which was issued on October 19, shows that the company did not sell any of its bitcoin holdings during the third quarter, nor did it acquire any extra bitcoin during that time period.

The value of its digital assets remained at $218 million, the same as it was at the end of the second quarter, when Tesla surprised some investors by selling $936 million in bitcoin, or roughly 75% of its total holdings, to raise funds. The value of its digital assets has remained the same since the end of the second quarter.

Because the price of bitcoin remained almost the same at the conclusion of both the second and third quarters, Tesla did not declare any impairment charges on the value of its bitcoin assets. The price of bitcoin was a little less than $20,000 at the end of both quarters.

At the conclusion of the second quarter, Tesla had a total of only $218 million in bitcoin (BTC), which is a significant decrease from the $1.26 billion it had in bitcoin throughout the preceding three quarters. The business reported that it made a profit of $64 million from the sale of its holdings during the second quarter. This profit was more than cancelled out, though, by impairment charges of $170 million on the rest of its bitcoin holdings. This made its profit and loss statement show a net loss of $106 million.

The price of bitcoin skyrocketed when Tesla stated in February 2021 that it had acquired $1.5 billion worth of bitcoin, which was the catalyst for the price increase. Later on, during that first quarter, the corporation sold off some of its bitcoin holdings, which resulted in an increase in profits for that quarter of $272 million. Prior to the second quarter of this year, it had not acquired or sold any further bitcoin.

In total for the third quarter, Tesla posted adjusted profits per share of $1.05, topping the average of analyst projections published to FactSet of $1.00 a share, on sales of $21.45 billion, which was slightly lower than the estimate of $21.98 billion. During Wednesday’s after-hours trading, Tesla’s share price dropped by a little over 4%, reaching a new low of $212.83.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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