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Here's What Happened to Tesla's Bitcoin Holdings in Third Quarter

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Wed, 19/10/2022 - 20:19
Here's What Happened to Tesla's Bitcoin Holdings in Third Quarter
Cover image via stock.adobe.com
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E-car manufacturer Tesla has reported that its Bitcoin holding had remained unchanged throughout the third quarter.

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As reported by U.Today, the company sold 75% of its cryptocurrency holdings in the second quarter. The value of its digital assets was cut to $218 million.   

Tesla initially purchased $1.5 billion worth of Bitcoin in February 2021, propping up the value of the largest cryptocurrency.

The company didn't rule out increasing its exposure to Bitcoin in the future despite selling the vast majority of its holdings.     

Tesla missed Wall Street revenue estimates, generating an underwhelming $21.45 billion worth of revenue. The Street was looking for $21.96 billion.        

The shares of the e-car maker are now down more than 5% due to the disappointing revenue miss after rebounding earlier this week together with the rest of the U.S. stock market.  

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