Tesla refused to sell the company's remaining Bitcoins

New quarterly report shows the company has $218 million worth of cryptocurrency left on its balance sheet

Tesla refused to sell the company's remaining Bitcoins

The world’s leading electric car maker, Tesla, kept $218 million worth of bitcoins on its balance sheet, according to its third-quarter financial report released on the evening of Oct. 19. The company did not sell or purchase any cryptocurrency between July and September, despite the Bitcoin’s continued decline.

Tesla invested $1.5 billion in bitcoin in January 2021, but in the second quarter of this year, the company sold about 75% of all coins. As of June 30, the value of digital assets on the company’s balance sheet was $218 million, just as it was on September 30.

Also, the report shows that Tesla’s revenue and operating profit set a new record at the end of the third quarter, with revenue up 56% to $21.45 billion and operating profit up 84% to a record $3.7 billion.

The exchange rate of the first cryptocurrency reacted sensitively to news about its purchases and sales by Ilon Musk’s company. After the news about buying bitcoin in 2021, the price of the cryptocurrency renewed its historical maximum at that moment, having risen by 13% to $44 thousand for a day. Also, after the company published its report for the second quarter of 2022, which said about the sale of the coin, the bitcoin rate dropped from $23.7 thousand to $23 thousand.

However, the publication of the third quarter report did not cause bitcoin to react. Its rate for the day decreased by 0.3%, the coin is trading around the mark of $19.1 thousand. The market capitalization of the asset is $367 billion with a daily trading volume of $23 billion.

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