Hey folks.
Tesla, the electric car giant, owning a large amount of Bitcoin, published its quarterly earnings report. The report observed that there was no increase or decrease in the amount of Bitcoin owned by the company and the assets remained constant.
The value of Bitcoin owned by Tesla which are 9,720 in number is worth around 647 million dollars. The purchasing cost of Tesla buying these Bitcoins is at the level of 337 million dollars.
Tesla is the third largest holder of Bitcoin as it holds 9,720 Bitcoin assets according to data tracked by Bitcoin Treasuries. It's behind Microstrategy (MSTR) the software firm and the mining company Marathon (MARA).
Tesla, under the leadership of Elon Musk, invested $1.5 billion in Bitcoin back in February 2021 bagging approximately 43,000 Bitcoins, and that same month, the company said it would start accepting Bitcoin as a form of payment.
However, Elon Musk started selling Bitcoins later that year in order to maximize his cash position amid uncertainties around COVID quarantines. It reported selling 75% of its Bitcoin holdings in Q2 of 2022.
Not sure, what Elon Musk now is thinking while holding the rest of Bitcoins. Is he waiting for the next Bitcoin significant price jump? Don't know.
It's not investment advice.
Posted Using InLeo Alpha
Nope 👎🏻