Elon Musk’s company, Tesla, announced the highly anticipated third quarter figures. According to the new report, Tesla did not sell the Bitcoins (BTC) it held, but did not buy new BTC and add it to its balance sheet.
Tesla announces expected third-quarter earnings: What happened to Bitcoin?
Cryptocoin. com, according to Tesla’s 2nd quarter balance sheet, the company did not sell the Bitcoins it owned. This Q2 balance sheet reported $23 million in impairment related to BTC. However, it was emphasized in the report that the net income of the company increased 10 times compared to 1 year ago and exceeded 1 billion dollars. This represents a great success. Now, Tesla has released its highly anticipated third quarter report.
According to this report, Tesla declared revenue of 13 billion 760 million dollars. However, the BTC detail in the report drew attention. Everyone was wondering what Tesla was doing with the BTCs in his hands. According to the report, Tesla did not sell its Bitcoins (BTC), but did not buy new BTC and add it to its balance sheet. According to the latest data, Tesla continues to hold 37,500 BTC.
Tesla continues to hold 37,500 BTC it owns
The company initially announced its massive $1.5 billion purchase of Bitcoin in February and later began accepting BTC payments. However, BTC payments were stopped in May due to environmental concerns. Tesla sold 10 percent of its Bitcoin in Q1 to test the liquidity of the leading cryptocurrency.
It did not change its position in the second quarter, but had to report a $23 million loss in sales due to the drop in Bitcoin price. BTC set a new all-time high yesterday and broke $67,000. In June, Tesla CEO Elon Musk reaffirmed his commitment to the largest cryptocurrency despite his criticism of the energy-intensive PoW algorithm.