Tesla values Bitcoin on its balance sheet at $218 million

Tesla holds Bitcoin on its balance sheet at $218 million.

Electric-car maker Tesla, in its third-quarter earnings report, said it continues to hold Bitcoin on its balance sheet, valued at $218 million.

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During July–September, the company’s position in digital assets remained unchanged. In the framework of analysts’ conference related questions were not raised.

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Three months ago, Tesla disclosed information about the sale of 75% of its Bitcoin holdings for $936 million. Management explained this move as \”the need to boost liquidity amid COVID restrictions in China\”.

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Elon Musk’s bid to revive the Twitter acquisition deal, which would require $44 billion, did not lead to the liquidation of cryptocurrency positions.

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According to Bitcoin Treasuries, the average cost basis of Tesla’s first cryptocurrency prior to its partial sale could have been $34,722.

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As of writing, the site values Tesla’s 9,720 BTC at $185.93 million, well below the $337.5 million paid to acquire them.

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The company bought digital gold in February 2021. Elon Musk himself described these investments as ‘quite risky’.

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In April 2021, Tesla sold a portion of its Bitcoin holdings for $272 million.

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