Elon Musk’s Tesla Holds On To $218 Million In Bitcoin Despite The Gloom Surrounding Asset Prices

Elon Musk’s Tesla Holds On To $218 Million In Bitcoin Despite The Gloom Surrounding Asset Prices
  • Tesla continues to HODL its Bitcoin through the third quarter of 2022 after a massive sell-off in the previous quarter. 
  • The company remains one the largest corporate holders of Bitcoin behind MicroStrategy and Galaxy Digital Holdings.
  • Plans by Elon Musk to introduce digital asset payments to Twitter if the purchase of the platform is successful are circulating across industry spaces. 

Tesla maintains the status quo without buying or selling Bitcoin (BTC) in the third quarter of 2022 despite the massive decline in asset value this year.

The electric car company released its earnings report for the third quarter to the public on Wednesday and it reveals that it still holds $218 million in Bitcoin. Current market prices show that the company has around 9,700 BTC on its balance sheet with no losses reported. 

In the second quarter of the year, Tesla sold 75% of its BTC stash worth $936 million at the time recording a $64 million profit. After the sale, the company reportedly still held about $222 million in BTC in mid-June with declining asset prices reducing the value to $218 million. 

Several Bitcoin enthusiasts were hit with the news of the massive sale in Q2 and wondered if Elon Musk might be making a turn. Musk explained that the sale was a result of the stringent Covid 19 lockdown measures that continued in China. He explained that it was necessary to free up money to maximize their cash position following the uncertainties in China. 

After the sale, Tesla still remains one of the largest corporations that hold BTC. It holds about 9,700 BTC behind Galaxy Digital holdings with 16,400 BTC worth approximately $313 million and MicroStrategy with 130,000 BTC worth $2.48 billion. 

Elon Musk’s drive 

Elon Musk has remained one of the top company executives that believe in the digital asset drive. His company, Tesla purchased a whopping $1.5 billion worth of bitcoin in 2021 and revealed plans to accept the cryptocurrency as a payment method. Musk also revealed that he holds BTC, Ethereum, and Dogecoin (DOGE) as part of this coin portfolio and has been a strong voice on reforms around the sector. 

Under his leadership, both Tesla and SpaceX have begun accepting payment in DOGE for selected products. Social media giant Twitter which is currently within the sights of Musk is also rumored to incorporate DOGE payments as part of his reform to the company if the purchase goes through. 

Michael Boris
Michael Is A Blockchain Expert And Proficient Crypto Reporter At CoinJot Media With An Academic Degree In Journalism. Disclosure: He owns less than 1 BTC and less than 4 ETH. Contact: [email protected]