blockworks.co
After selling 75% of its bitcoin holdings in 2022, electric car manufacturer Tesla has opted to hold its remaining supply through the fourth quarter, SEC filings show.
In July 2022, Tesla reported it sold 75% of its bitcoin for $936 million in the second quarter. The sale marked the first change Tesla has made in its bitcoin holdings since the first quarter of 2021, when the company acquired some 43,200 bitcoins for $1.5 billion.
“We are certainly open to increasing our bitcoin holdings in the future, so this should not be taken as some verdict on bitcoin,” CEO Elon Musk said during the company’s 2022 second quarter earnings call on July 20, 2022. “It’s just that we were concerned about overall liquidity for the company, given Covid shutdowns in China.”
In its fourth quarter earnings report, Tesla reported no losses on its remaining bitcoin holdings.
Bitcoin’s price fell during the fourth quarter after remaining fairly stable during the second quarter. The selloff was largely driven by FTX’s collapse, but since the start of 2023, bitcoin has shown signs of a rebound and is up close to 40% year-to-date.
This is a developing story…
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