THE DAILY ENCRYPT

[date-today format='F j, Y']

Tesla’s Bitcoin Holdings are Worth $218 Million Today

Even after the bear market and the Twitter battle, Tesla continues to be the largest Bitcoin-holder corporation....
black and gray nike logo
Photo by Austin Ramsey

Even after the bear market and the Twitter battle, Tesla continues to be the largest Bitcoin-holder corporation.

According to Tesla documents, Tesla’s Bitcoin holdings are unchanged from the second quarter of 2022. This was revealed by Tesla ahead of its third-quarter investor relations conference.

The company claims it still has \$218 million worth of Bitcoin in its report, which was released to the public on Wednesday. Tesla announced in July that 75% of its Bitcoin holdings had been sold, or approximately $936 million. Tesla stated that it had $222 million in “digital assets” remaining on its balance sheet at the end of June.

Related Articles:  Recent Filing Shows FTX Owes Over $3 billion to 50 of its Top Creditors

Musk stated that the company had sold its Bitcoin during the Q2 investor conference to make more cash, as COVID lockdowns in China continue. He explained that it was crucial for the company to maximize its cash position given the uncertainty surrounding COVID lockdowns.

Despite the sale, Tesla is still one of the biggest Bitcoin holders by by a publicly traded firm, following MicroStrategy (around $2.48 Billion) and Galaxy Digital Holdings (about $313 Million).

Musk’s plans to buy Tweet and subsequent legal battles over wanting to back out did not influence the decision. Neither does it appear to have affected the company’s position on crypto.

Related Articles:  BOE Doesn't Think DeFi Can Help Financial Risks

In September, leaked messages showed the world’s richest man having discussions with various tech entrepreneurs–including Block Inc.’s Jack Dorsey and FTX’s Sam Bankman-Fried–about the potential future of the popular social media platform. One suggestion was to add a Dogecoin payment option.

Musk stated that the idea was to make users pay a small amount to register messages on-chain. This will reduce spam by requiring only 0.1 Doge to leave comments or post them.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Latest News
PRESS RELEASES