Tesla is still holding its Bitcoin despite major market uncertainty

Tesla has released its earnings report for Q3 of 2022, and it reveals the electric car manufacturer is still holding onto a portion of its Bitcoin.

Tesla is still holding its Bitcoin despite major market uncertainty
Published Oct 22, 2022 5:47 AM CDT   |   Updated Thu, Nov 10 2022 3:40 PM CST
1 minute & 24 seconds read time

Tesla made what is now considered a really good decision to sell a very large portion of its Bitcoin holdings earlier in the year when the price was much higher than it is today, but the electric car manufacturer isn't completely done with Bitcoin.

Tesla is still holding its Bitcoin despite major market uncertainty 03

Tesla recently released its Q3 earnings report for 2022, and that report shows that Tesla sold three-quarters of its $1.2 billion stack of Bitcoin back in March this year, leaving the electric car manufacturer with $218 million in Bitcoin at the time. Around the time of the large sale of Bitcoin, Musk explained that the company required liquid cash as there was large uncertainty with COVID-19 lockdown in China, which directly impacted one of Tesla's factories and thus its revenue stream.

The car manufacturer explained that it was important for them to maximize "our cash position". However, as of September 30, it seems that Tesla is still holding onto the remaining Bitcoins it didn't end up selling back in March. That stack of Bitcoin is definitely not worth as much as it was back in March, when the price of one Bitcoin fluctuated between $35,000 and $45,000, approximately. Bitcoin is now worth under $20,000 and seems to be barely holding onto that price point, with it slowly trickling down.

"It should be mentioned that the reason we sold a bunch of our Bitcoin holdings was that we were uncertain as to when the Covid-19 lockdowns in China would alleviate. So it was important for us to maximize our cash position, given the uncertainty of the Covid-19 lockdowns in China," per DailyHodl.

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NEWS SOURCE:dailyhodl.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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