Tesla Holds Its Remaining Bitcoin Through Q3 After Q2 Sale

In July, Tesla reported it sold 75% of its bitcoin for $936 million in the second quarter of 2022

share

key takeaways

  • The sale in the second quarter was the company’s first bitcoin trade since Q1 2021
  • In its third quarter earnings report, Tesla reported no losses on its remaining bitcoin holdings

After selling 75% of its bitcoin holdings earlier this year, electric car manufacturer Tesla has opted to hold its remaining supply through the third quarter, SEC filings show. 

In July, Tesla reported it sold 75% of its bitcoin for $936 million in the second quarter. The sale marked the first change Tesla has made in its bitcoin holdings since the first quarter of 2021, when the company acquired some 43,200 bitcoins for $1.5 billion.  

“We are certainly open to increasing our bitcoin holdings in the future, so this should not be taken as some verdict on bitcoin,” CEO Elon Musk said during the company’s 2022 second quarter earnings call. “It’s just that we were concerned about overall liquidity for the company, given Covid shutdowns in China.”

In its third quarter earnings report, Tesla reported no losses on its remaining bitcoin holdings — the digital asset’s price has remained fairly flat over the past three months. 

Musk maintains the company is open to increasing its bitcoin exposure in the future. The CEO also said Tesla has held its dogecoin, currently the only cryptocurrency the electric car company accepts — although only for a limited selection of products, not including vehicles. 

“The prices of digital assets have been in the past and may continue to be highly volatile, including as a result of various associated risks and uncertainties,” Tesla’s most recent quarterly report noted. “For example, the prevalence of such assets is a relatively recent trend, and their long-term adoption by investors, consumers and businesses is unpredictable.”


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

TBC President Lee Bratcher told Blockworks he’s “confident” about the Council’s case against the DOE

article-image

The Monday trading volumes total passes the previous high mark set on the fund’s first day of trading nearly seven weeks ago

article-image

The hearings are expected to last for a couple of days as the court hears arguments for and against the bankruptcy plan proposed by Genesis

article-image

Equities were mixed toward the end of Monday’s session while cryptocurrencies continued their rally

article-image

Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space

article-image

Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?