Optimus

Bitcoin

Elon Musk

<![CDATA[<figure class="image"><img src="https://cimg.co/news/126599/334300/tesla.jpg" srcset="https://cimg.co/news/126599/334300/responsive-images/tesla___media_library_original_1200_800.jpg 1200w, https://cimg.co/news/126599/334300/responsive-images/tesla___media_library_original_900_600.jpg 900w, https://cimg.co/news/126599/334300/responsive-images/tesla___media_library_original_720_480.jpg 720w, https://cimg.co/news/126599/334300/responsive-images/tesla___media_library_original_600_400.jpg 600w, https://cimg.co/news/126599/334300/responsive-images/tesla___media_library_original_300_200.jpg 300w" width="1200" class="content-img" alt=""><figcaption>Source: Adobe/asiraj</figcaption></figure>In its latest <a href="https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q3-2023-Update-3.pdf">earnings report</a>, Tesla revealed that it did not change its Bitcoin holdings for the fifth consecutive quarter.&nbsp;The report, released on October 18, 2023, revealed that Tesla's balance sheet still holds 9,720 bitcoins, with a market value of approximately $275.6 million.The notable aspect of this report is that it makes no mention of any conversion of Bitcoin to fiat currency. Typically, such conversions would impact a company's profitability and cash balance and necessitate disclosure.&nbsp;The absence of such a mention indicates that Tesla has opted to keep its Bitcoin holdings untouched.<h2 id="tesla-acquired-43-000-bitcoins-in-2021">Tesla Acquired 43,000 Bitcoins in 2021</h2>This stance marks a significant contrast to Tesla's previous interactions with Bitcoin. In early 2021, <a href="https://cryptonews.com/exclusives/tesla-s-bitcoin-buy-comes-as-earlier-large-investors-retreat-9217.htm">Tesla had acquired over 43,000 bitcoins</a> at an estimated average price of roughly $34,000, propelling its Bitcoin treasury to a peak value of $1.5 billion.However, concerns about the environmental impact of Bitcoin mining led Elon Musk to reverse course. As a result, <a href="https://cryptonews.com/videos/elon-musk-sells-375m-bitcoin-market-tanks-downtown.htm">Tesla sold a portion of its Bitcoin holdings</a> in the first quarter of 2021 and offloaded about 75% of its remaining bitcoins at a 48% loss in the second quarter of 2022.Despite these fluctuations, Tesla's Bitcoin holdings remain one of the largest among publicly traded companies.&nbsp;Investors closely monitor Tesla's decisions regarding its Bitcoin stack because Elon Musk's involvement in cryptocurrencies has the potential to influence the market significantly.&nbsp;The news of Tesla's initial Bitcoin purchase in 2021 had driven the Bitcoin price to an all-time high.In its Q3 report, Tesla disclosed that it had significantly increased its computing power for AI projects, noting a substantial expansion in its training data set and a transition in the training of its humanoid robot Optimus from coded software to AI-based methods.
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Elon Musk's Tesla Leaves Bitcoin Holdings Unchanged for Fifth Consecutive Quarter

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