Tesla Holds Steady with No Bitcoin Trades in Q3/2022

Despite the sluggish market and ongoing issues with Twitter, Tesla remains one of the largest holders of Bitcoin.

According to the latest earnings report, electric vehicle manufacturer Tesla (TSLA) neither bought nor sold any Bitcoin during Q3 2022.

The company's "digital assets" value remained at $218 million, consistent with the end-of-Q2 report. As reported previously by Coin68, Tesla surprised the market by selling Bitcoin worth $936 million, approximately 75% of its total BTC holdings, to increase its cash reserves.

Additionally, Tesla reported minimal impairment losses on its Bitcoin holdings. The cryptocurrency's price has remained relatively stable over the past two quarters, hovering around $20,000.

In its Q2 earnings report, Tesla's Bitcoin holdings were reduced to $218 million from $1.26 billion in the previous three quarters. The company disclosed that it gained $64 million from the Bitcoin sale in that quarter, offsetting a $170 million impairment loss on the remaining Bitcoin, resulting in a net cost of $106 million for the company's profit and loss during the period.

In February 2021, Tesla announced a $1.5 billion Bitcoin purchase, which led to a significant BTC price spike. In the following first quarter, the company reduced its Bitcoin position by 10%, boosting quarterly earnings by $272 million. Since then, Tesla has not made any additional Bitcoin transactions until Q2 of this year.

Similarly, large institutional investors like MicroStrategy and the government of El Salvador, which had actively acquired Bitcoin in 2021, have not made significant "buying" moves in 2022, despite the steep decline in BTC prices.

Chart: 1D BTC/USDT on Binance as of 10:40 AM, 20/10/2022