Electric carmaker Tesla is keeping all the Bitcoin (BTC) left in its holding after dumping a sizable amount of the king crypto asset earlier this year.
Tesla’s earnings report for Q3 of 2022 shows the company still holds the same amount of BTC it had in Q2 when it sold three-quarters of its Bitcoin investments.
Tesla owned $1.2 billion worth of BTC in March, but it was left with $218 million worth of the top coin in June after dumping $936 million in BTC. The company’s balance sheet as of September 30th suggests it did not sell the remaining crypto assets in its holdings.
Elon Musk’s company disposed of a big portion of the digital assets it owns last quarter amid a downturn affecting both the crypto and equities markets.
According to Musk, the company sold the assets to raise cash as the pandemic paralyzes some operations in China, one of the carmaker’s major markets and manufacturing hub.
“It should be mentioned that the reason we sold a bunch of our Bitcoin holdings was that we were uncertain as to when the Covid-19 lockdowns in China would alleviate. So it was important for us to maximize our cash position, given the uncertainty of the Covid-19 lockdowns in China.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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