Hibernation – The bitcoin (BTC) from Tesla remained warm in the company’s wallets during the third quarter. They also did not welcome new arrivals.
No news, good news: Tesla bitcoins at the same level
Nothing moved! According to a Tesla report from October 19, the company’s Bitcoin stock is rest unchanged during the third trimester.
Its value, which amounts to $218 million, remained almost the same. Indeed, Bitcoin price closed the second and third quarter almost at the same level, around $19,940 and $19,430 respectively. Tesla’s bitcoin holdings as of June 30 this year were valued at $222 million.
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From nine-figure buy to sub-billion dollar sell
Initially, Tesla had purchased $1.5 billion in bitcoins in February last year, an operation that contributed to the bull run at the time. A few weeks later, the company had sold about 10% of its bitcoinsduring the first quarter of 2021.
Subsequently, the company did not buy or sell bitcoins for the rest of last year. It only touched its stock in the second quarter of 2022, offloading 75% of its Bitcoin holdings.
An unchanged faith in Bitcoin?
Elon Musk had explained the reasons for this massive sale of Bitcoin by mentioning the uncertainties concerning the relief or not COVID lockdowns in Chinaand the need for Tesla to “ hold the position of its cash flow, taking this factor into account.
The billionaire had tried to reassure the markets following this massive sale. He had even specified that Tesla was ready to increase its bitcoin exposure in the future. These possible additional Bitcoin purchases did not occur in the third quarter.
The company did not take advantage of the sell-off cryptocurrency price to bail out its portfolios, unlike a MicroStrategy tirelessly pursues its Bitcoin purchases during the crypto winter.
While Elon Musk finally seems decided to close the sale of Twitter, after yet another about-face, could the billionaire part with some of the remaining bitcoins to partially finance this acquisition? Bear markets may soon give way to a long green period for Bitcoinenough to make the impatient who would have gotten rid of their BTC assets a little too early regret.
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