BREAKING: Tesla Released Its Quarterly Earnings Report – Did the Company Sell Bitcoin – Here is the Answer

Electric car giant Tesla, which also owns a large amount of Bitcoin, published its quarterly earnings report.

It was observed that there was no increase or decrease in the company's Bitcoin assets, and the assets remained constant.

The value of 9,720 BTC owned by Tesla is around 647 million dollars at the time of writing this article. Tesla's cost of purchasing these BTCs is at the level of 337 million dollars.

According to data tracked by Bitcoin Treasuries, Tesla holds 9,720 BTC and is the third-largest public holder of the asset, behind software firm MicroStrategy (MSTR) and mining company Marathon (MARA).

The company, led by Elon Musk, invested $1.5 billion in Bitcoin in February 2021, collecting approximately 43,000 BTC. That same month, Tesla said it would start accepting BTC as a form of payment.

However, he began selling assets later that year to maximize his cash position amid uncertainties surrounding COVID quarantines. In Q2 2022, it reported selling 75% of its Bitcoin holdings.

*This is not investment advice.