Tesla’s Q3 2023 Report Reveals No Bitcoin Sales
Tesla’s recently released third-quarter earnings report shows that the company did not complete any Bitcoin sales in the previous three months. This marks the fifth consecutive quarter without any Bitcoin sales for Tesla. As of September 30th, Tesla held about 9,720 BTC, which is currently worth approximately $275.6 million. The report does not mention Bitcoin, indicating that there were no conversions of digital currency to fiat cash during the third quarter.
The Beginning of Tesla’s Bitcoin Journey
In early 2021, Tesla made a significant investment in Bitcoin, purchasing 43,000 units of the cryptocurrency at an estimated average cost of around $34,000. This move by Tesla was seen as an endorsement of Bitcoin’s potential as a store of value and led to a surge in its price. It also allowed customers to use Bitcoin as payment for Tesla vehicles and other goods.
Tesla’s Consistency with Bitcoin Holdings
In Q2 2023, Tesla did not acquire or sell any bitcoins for the fourth consecutive quarter. After selling $936 million worth of Bitcoin in the second quarter, Tesla’s digital asset holdings remained at $218 million. Since the price of Bitcoin remained stable at just under $20,000 between the second and third quarters, Tesla did not record any impairment charges to the value of its holdings.
Conclusion: A Focus on Sustainability
The absence of Bitcoin sales aligns with Tesla’s decision earlier this year to stop accepting Bitcoin as payment for its electric vehicles due to environmental concerns. Despite this, the company continues to focus on increasing its holdings of digital assets and exploring more sustainable alternatives for cryptocurrency transactions.
Hot Take: Tesla Stays Away from Bitcoin Sales
Tesla’s Q3 2023 report reveals that the company has not made any Bitcoin sales for five consecutive quarters. Instead, Tesla is focused on holding onto its Bitcoin holdings, which are currently worth approximately $275.6 million. This decision aligns with Tesla’s move to halt accepting Bitcoin as payment for its electric vehicles earlier this year due to environmental concerns. While the company continues to explore sustainable alternatives for cryptocurrency transactions, it remains committed to increasing its digital asset holdings.
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