Electric vehicle manufacturer Tesla has announced data for the third quarter of 2021. The cryptocurrency space was wondering if Tesla was selling the Bitcoins (BTC) on its balance sheet. Here are the details…
Did Tesla sell Bitcoin (BTC)?
cryptocoin.com As we have also reported, electric car manufacturer Tesla came to the fore in the previous quarter when it sold about 1 billion dollars of Bitcoin (BTC) in its balance sheet. In other words, he had sold almost 75 percent of his BTCs. However, in the third quarter of 2022, Bitcoin seems to have made no other changes in its investments.
The company’s third-quarter report shows $218 million worth of “cryptocurrency” on its balance sheet. It is noteworthy that no loss in value of these crypto assets has been reported. Based on current prices, Tesla is estimated to still have around 9,720 BTC. About the Bitcoin sale last quarter, Tesla CEO Elon Musk pointed to liquidity concerns stemming from the COVID-19 quarantines in China at the time. Sales during the quarter cost the majority of the company’s $1.5 billion position announced in February 2021.
Other highlights from the report
Overall, for the third quarter of 2022, Tesla had revenues of $21.45 billion and profits of $3.3 billion. This reportedly fell short of analysts’ expectations. Still, it is worth noting that the amount of revenue increased by more than 50 percent compared to the third quarter of last year. After the report, the value of Tesla’s stock TSLA fell more than 10 percent. Overall, Tesla’s market cap, which reached $1 trillion last year, slumped to $642 billion.
Under Musk’s leadership, the vehicle company has also been launching Dogecoin since January. It describes the range of products that can be purchased using DOGE. Rocket building company SpaceX soon began accepting DOGE as a payment method in May. One of Tesla’s latest products was a whistle, which it put on sale in September. This whistle, which was purchased with a DOGE payment only, was purchased for a price of 1,000 DOGE, or $60. This product sold out within hours.
Latest situation in BTC and DOGE prices
Meanwhile, Bitcoin and Dogecoin prices are trending sideways. This might not have been the case if the buy or sell transaction had been reported in Tesla’s report. At the time of writing, Bitcoin is changing hands at $19,114, down 0.5 percent. The largest cryptocurrency by market cap has not changed much even in the last seven days. It fell 0.2 percent over the course of a week.
On the other hand, Dogecoin, the largest meme coin, is changing hands at $0.059, up 0.6 percent. DOGE, which Elon Musk has mentioned with admiration many times, has lost 0.5 percent in the last seven days.
