BTC’s value has remained near to $20,000 in recent months (roughly Rs. 16.5 lakh).
Despite the continuous adverse market attitude in the cryptocurrency industry, Elon Musk’s Tesla maintained its Bitcoin holdings in the third quarter of 2022, which concluded in September. According to Tesla’s third-quarter report, which was issued earlier this week, the business has an estimated $218 million (approximately Rs. 1,802 crore) in ‘digital assets.’ The EV firm is expected to possess around 9,720 Bitcoin units. Bitcoin has failed to show any significant signs of growth in recent months, remaining close to the $20,000 level (roughly Rs. 16.5 lakh).
Tesla has reported no decreases in the value of its Bitcoin assets. said in its third-quarter 2022 earnings release
Tesla’s choice to keep Bitcoin holdings in this last quarter is quite different from what the business did in the second quarter of 2022, between April and June.
At the moment, the world’s most valuable electric car firm had sold 75% of its Bitcoin. According to Musk, the decision was made to address liquidity problems in the aftermath of the COVID-19-caused industrial slowdown.
By selling this substantial portion of its BTC in Q2 2022, Tesla was able to generate $956 million (approximately Rs. 7,905 crore) in cash.
Tesla, on the other hand, reported $3.3 billion (approximately Rs. 27,306 crore) in third-quarter sales of $21.45 billion (roughly Rs. 1,77,493 crore).
In a filing with the Securities and Exchange Commission in July, Tesla stated that it recorded a $170 million (roughly Rs. 1,360 crore) impairment charge against the carrying value of its Bitcoin holdings for the first six months of the year, as well as gains of $64 million (roughly Rs. 512 crore) from certain sales of its Bitcoin holdings (SEC).
The term “impairment charge” is used to account for an asset that is no longer as valuable as it once was. Tesla said when it acquired Bitcoin last year that it would analyze its BTC holdings every quarter to assess for impairments.
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