Here’s what Tesla did with Bitcoin Holdings in Q3 2023

According to Tesla's Q3 2023 financial report, the company has not traded or sold any bitcoins in the past three months.

As of September 30, Tesla still owns around 9,720 BTC, which is worth approximately $275.6 million based on current market value.

Tesla still holds Bitcoin

According to Tesla's recently released Q3 2023 financial report, the electric vehicle maker has not engaged in any bitcoin buying or selling activity in the past three months.

As of September 30, Tesla is still around 9,720 BTC, which is estimated at approximately $275.6 million at current market prices. This is the fifth consecutive quarter that Tesla has maintained its Bitcoin holdings without making any changes.

Meanwhile, the Tesla stock market experienced a 4.78% drop after the close today, with shares valued at $242.68 each. In addition to information about Tesla's Bitcoin holdings, the company reported revenue of $23.35 billion for the third quarter, below the $23.9 billion forecast by analysts.

Tesla reported adjusted earnings of 66 cents per share, falling short of expectations for 73 cents per share.

Tesla's story with Bitcoin

According to a filing with the United States Securities and Exchange Commission (SEC), Tesla first invested $1.5 billion in Bitcoin, which went private in early 2021. At that time, the company acquired 43,000 BTC at an estimated price of $34,000 per coin. At the same time, Tesla began accepting Bitcoin as a payment option for its vehicles and other products.

However, soon after this initial investment, concerns about the environmental impact of Bitcoin mining arose. CEO Elon Musk announced his stance on cryptocurrency and decided to sell 4,320 BTC from his Tesla holdings. This move coincided with a drop in the price of Bitcoin, resulting in a $101 million impairment loss for the company.

Tesla continues to sell off its bitcoin holdings, reportedly dumping 75 percent of its holdings in the second quarter of 2022. Mook explained that this decision was influenced by the effects of uncertainty over the duration of the COVID lockdowns in China and that the company needed to strengthen its cash reserves. Since then, Tesla has maintained a consistent position on its Bitcoin holdings, highlighted by its recently released Q3 2023 report.