Tesla estimates the value of bitcoin on its balance sheet at $218 million


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Tesla, an electric car maker, announced in its third-quarter earnings report that it continues to hold the first cryptocurrency worth $218 million on its balance sheet.

During July-September, the company’s position in digital assets remained unchanged. No issues related to this topic were raised during the conference with analysts.

Three months ago, Tesla disclosed information about the sale of 75% of the company’s bitcoins for $936 million. Top management explained this move as “the need to increase liquidity during the period of anti-COVID restrictions in China.”

Elon Musk’s rush to get back to the $44 billion Twitter takeover deal has not led to the liquidation of cryptocurrency positions.

According to Bitcoin Treasuries, the average cost of the first cryptocurrency acquired by Tesla before its partial sale could be $34,722.

At the time of writing, the resource estimates the 9720 BTC owned by the electric car manufacturer at $185.93 million, which is lower than the cost of acquiring them at $337.5 million.

Recall that the company acquired digital gold in February 2021. Elon Musk himself called these investments “rather risky.”

In April 2021, Tesla sold part of its assets in the first cryptocurrency for $272 million.

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