A new quarterly report shows that tesla has $218 million worth of Bitcoin left on its balance sheet.

The world’s leading electric car maker, Tesla, retained $218 million worth of bitcoins on its balance sheet, according to its third-quarter financial report released on the evening of Oct. 19. The company did not sell or purchase any Bitcoin between July and September, despite bitcoin’s continued decline.

Tesla invested $1.5 billion in bitcoin in January 2021, but in the second quarter of this year, the company sold about 75% of all coins. As of June 30, the value of Bitcoin on the company’s balance sheet was $218 million, just as it was on September 30.

Also, the report shows that Tesla’s revenue and operating profit set a new record at the end of the third quarter, with revenue up 56% to $21.45 billion and operating profit up 84% to a record $3.7 billion.

The price of Bitcoin reacted sensitively to news about its purchases and sales by Elon Musk’s company. After the news about buying bitcoin in 2021, the price of the bitcoin renewed its historical maximum at that moment, having risen by 13% to $44k for a day. Also, after the company published its report for the second quarter of 2022, which said about the sale of the coin, the bitcoin price dropped from $23.7 thousand to $23 thousand.

However, the publication of the third quarter report did not cause bitcoin to react. Its price for the day decreased by 0.3%, the coin is trading around the mark of $19.1 thousand, according to CoinGecko. The market capitalization of bitcoin is $367 billion with a daily trading volume of $23 billion.

https://altcoin.ng/tesla-refused-to-sell-the-companys-remaining-bitcoins/