Tesla did not sell bitcoins in Q3 2022

The company’s balance is still 10 800 BTC

20.10.2022 - 08:15

662

2 min

What’s new? According to Tesla’s quarterly report, the company neither sold nor bought a single bitcoin between July and September. The document says that the electric carmaker did not make a major loss, as the asset almost always traded at $20 000 during the second and third quarters of 2022. The total volume of the first cryptocurrency on the company’s accounts still totals 10 800 BTC ($206,56 million at the Binance rate as of October 20, 07:15 UTC).

Tesla’s report

What happened before? In the previous reporting period, Tesla reported selling about 75% of its bitcoin holdings for a total of $936 million. In this, the company’s unrealized losses from its BTC investments in Q2 totaled $440 million.

Tesla CEO Elon Musk explained the decision to sell assets by the need to increase liquidity in connection with the COVID lockdowns in China. He also noted that his firm has not sold any Dogecoin (DOGE), and in the future plans to invest in the first cryptocurrency.

Back then, the head of the TRON blockchain positively assessed Tesla’s sale of its bitcoins. Justin Sun called it a positive signal for the crypto market, which indicates the liquidity of BTC for all major corporations.

At the time of writing, BTC is trading at $19 126, down by 0,42% in 24 hours. The asset has a total capitalization of $366,98 billion.

Earlier, Musk stated that Dogecoin is a more efficient payment system compared to bitcoin. He explained that transactions with DOGE are completed in 60 seconds, while transactions with BTC take about 10 minutes.

Author: