Elon Musk’s Tesla still Holding $218 Million in Bitcoin in Q3

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Billionaire businessman Elon Musk’s Tesla unveiled its third-quarter earnings report which revealed that it didn’t make any adjustments in its Bitcoin stash with $218 million price of Bitcoin still with them.

Tesla reported no impairment costs to the worth of its bitcoin holdings, as the value of the cryptocurrency remained nearly the identical on the finish of each the second and third quarters at just below $20,000.

In July, Tesla bought 75% of its Bitcoin holdings for $936 million. Musk famous that the rationale they bought the bitcoin was that we had been unsure as to when the Covid lockdowns in China would alleviate so “It was important for us to maximize our cash position.”

A number of days later, in a report filed with the US Securities and Exchange Commission, it was proven that Elon Musk’s Tesla held $222 million price of digital property on its steadiness sheet as of the top of June.

After MicroStrategy with 130,000 BTC or about $2.48 billion and Galaxy Digital Holdings with 16,400 BTC or about $313 million, Tesla continues to be one of many largest Bitcoin holders by a publicly traded agency.

Compiled by Coinbold

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