Tesla's Bitcoin holdings remain unchanged from the second quarter of 2022, according to documents released by the electric car manufacturer ahead of its third-quarter investor relations call.
In Tesla's report released to the public on Wednesday, the
company says it still holds $218 million in Bitcoin. In July, Tesla announced
that it sold 75% of its Bitcoin holdings, around $936 million at the time.
After the sale, Tesla reported it continued to hold $222 million worth of
"digital assets" on its balance sheet as of the end of June.
During the Q2 investor call, Musk had said the company sold
its Bitcoin to free up cash as COVID lockdowns continue in China. "It was
important for us to maximize our cash position, given the uncertainty of COVID
lockdowns in China," he explained.
Despite that sale, Tesla remains one of the largest holders
of Bitcoin by a publicly traded company, after MicroStrategy with 130,000 BTC
(around $2.48 billion) and Galaxy Digital Holdings with 16,400 BTC (about $313
million).
Musk's plan to buy Twitter and the subsequent legal battle
over wanting to back out of the deal did not factor into the decision at the
time, nor does it seem to have changed the company’s stance on crypto.
In September, leaked messages showed the world's richest man
having discussions with various tech entrepreneurs—including Block Inc.'s Jack
Dorsey and FTX's Sam Bankman-Fried—about the potential future of the popular
social media platform. One idea floated included adding a payment option using
Musk's favorite cryptocurrency, Dogecoin.
The idea, Musk said, was to have users pay a tiny amount to
register a message on-chain, which will cut the majority of spam and bots by
requiring 0.1 Doge to post or repost comments.
.jpeg)
0 comments:
Post a Comment