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Tesla Releases Q3 Earnings, Did Not Sell Any Bitcoin
Tesla (TSLA) did not sell any of its Bitcoin (BTC) assets or acquire any new Bitcoin in the third quarter, according to the company’s latest financial report released on Wednesday.
The value of its digital assets stayed at $218 million, the same as at the end of the second quarter, when Tesla stunned some investors by selling $936 million in Bitcoin, or almost 75% of its overall holdings, to generate cash.
Tesla recorded no impairment charges on the value of its bitcoin assets, as the cryptocurrency’s price stayed nearly constant at the conclusion of both the second and third quarters, at just less than $20,000.
With the sale of its Bitcoin holdings in Q2 of tis year, Tesla had just $218 million in BTC left compared to $1.26 billion worth in the flagship crypto asset in the quarters since it announced in February of 2021 that it had invested $1.5 billion in Bitcoin.
Overall, on a revenue of $21.45 billion, Tesla reported adjusted profits per share of $1.05 in Q3, topping analysts expectation of $1.00 per share.
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Author: Peter Siu