Electric carmaker Tesla said in its latest quarterly report that its Bitcoin (BTC) holdings did not change at all over the three months. In addition, the company’s results disappointed the markets, and the publication of the US manufacturer’s report caused a momentary drop in TSLA shares.
Tesla not touching its Bitcoin reserve
In its latest quarterly report on October 19, US electric vehicle maker Tesla revealed that its Bitcoin (BTC) reserves have not changed during that period. The company currently holds 9,720 BTC, which is almost $188 million at the current price.
It is worth noting that between the time of its latest report and the publication of the previous one at the end of June, Tesla lost almost nothing in terms of the value of its Bitcoin reserves.
Indeed, at the end of the second quarter of 2022, BTC was already hovering around $20,000. In total, the difference in value between the two publications is only $4 million, a relative amount given the total number of Bitcoin units held by the company.
However, it is worth noting that in its second quarterly report, Tesla sold 75% of the BTC in its possession, totalling just under $1 billion in sales, or $64 million in profits.
At the time, the sale briefly affected the market, causing the BTC price to fall by around 1.7% following the announcement. However, the price recovered after Tesla CEO Elon Musk said the sale was not the result of a loss of confidence in Bitcoin, but simply a desire to consolidate the company’s cash position in fiat assets.
Disappointing overall revenue for this past quarter
Tesla’s quarterly report disappointed. Yet the automaker reported a 56 percent increase in revenue over the same period last year, and a net income that more than doubled to $3.3 billion in the quarter.
As a result, the carmaker reported sales of $21.5 billion in its latest report, while the market was expecting a figure of over $22 billion. Following the release of the figures, TSLA’s share price fell on the stock market:
TSLA share price over 24 hours
TSLA shares have lost a total of 35% since the beginning of the year due to a number of factors, mainly economic, such as the global uncertainty in the financial markets and difficulties in the logistical delivery of vehicles produced.
In addition, some investors fear that Elon Musk will have to sell some of his shares in the company in order to finance his purchase of Twitter, which should be finalised next year.
Indeed, the world’s richest man has already been forced to sell $15 billion worth of his shares since the beginning of the year. He had himself declared that part of these sales were in anticipation of the purchase of the social network.
