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.
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.
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.