Home Cryptocurrency Elon Musk’s Tesla Keeps Bitcoin (BTC) Treasury Steady at 9,720 BTC

Elon Musk’s Tesla Keeps Bitcoin (BTC) Treasury Steady at 9,720 BTC

by Harry Garcia

Tesla’s latest earnings report has revealed that the company’s bitcoin holdings remained unchanged in the third quarter. With 9,720 BTC, worth $275.4 million at the current market price, Tesla has maintained its holdings for the fifth consecutive quarter.

Led by Elon Musk, Tesla made headlines earlier this year when it invested $1.5 billion in bitcoin in February. This move saw the company accumulate around 43,000 tokens. Additionally, in the same month, Tesla announced that it would accept bitcoin as a form of payment.

However, the company backtracked on its bitcoin intentions in the following months. In the first quarter of 2021, Tesla sold 4,320 BTC and later liquidated 75% of the remaining balance at a significant loss last year. Despite these developments, Tesla still holds the third largest bitcoin holdings among publicly traded companies, trailing behind MicroStrategy and Marathon Digital Holdings.

In terms of its overall financial performance, Tesla reported a net income of $1.85 billion for the July-September quarter. This figure reflects a 44 percent decline from the previous year, with earnings per share dropping from 95 cents to 53 cents.

The lack of mention of bitcoin in Tesla’s quarterly report suggests that the company did not engage in any bitcoin buying or selling activities during the third quarter. This comes as a surprise to some, as Tesla’s bitcoin holdings have been subject to speculation and scrutiny in the past.

It remains to be seen whether Tesla’s bitcoin strategy will undergo any significant changes in the future. With Elon Musk’s interest in cryptocurrencies and the company’s substantial holdings, the market will continue to closely watch Tesla’s bitcoin-related activities.

Overall, Tesla’s earnings report has shed light on the company’s static bitcoin holdings, signaling a period of stability after previous fluctuations. As Tesla navigates the ever-changing landscape of cryptocurrencies, investors and analysts will continue to monitor its bitcoin endeavors and their potential impact on the electric car manufacturer’s financial performance.

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