Tesla Still A HODLer Of $218 Million In Bitcoin

According to records disclosed by Tesla ahead of its third-quarter investor relations call, Tesla’s Bitcoin holdings have remained steady since the second quarter of 2022.

According to Tesla’s report, which was made public on Wednesday, the business still has $218 million in Bitcoin. Tesla said in July that it had sold 75% of its Bitcoin assets, totaling around $936 million at the time. Following the sale, the company declared that it still had $222 million in digital assets on its financial sheet as of the end of June.

Tesla CEO Elon Musk claimed at the time that the sell-off was caused by liquidity worries related to China’s COVID-19 lockdowns.

“It was important for us to maximize our cash position, given the uncertainty of COVID lockdowns in China,” he explained.

Despite the transaction, Tesla remains one of the largest Bitcoin holdings by a publicly listed business, trailing only MicroStrategy with 130,000 BTC (about $2.48 billion) and Galaxy Digital Holdings with 16,400 BTC (approximately $313 million).

Musk’s proposal to purchase Twitter, and the ensuing court struggle over wanting to back out of the transaction, did not appear to have influenced the decision at the time, nor does it appear to have impacted the company’s attitude on cryptocurrency.

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