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Tesla has again opted to maintain its Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/">BTC</a>) holdings, marking the fifth consecutive quarter without any changes. 
According to the company’s latest earnings <a href="https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q3-2023-Update-3.pdf" target="_blank" rel="noopener">report</a>, Tesla’s Bitcoin holdings remain at 9,720 BTC, valued at approximately $275.4 million based on the current market price of $28,300 per Bitcoin. 
<h2 class="wp-block-heading" id="tesla-secured-43-000-bitcoins-in-2021">Tesla secured 43,000 Bitcoins in 2021</h2> 
This decision starkly contrasts <a href="https://crypto.news/tag/tesla/" data-type="link" data-id="https://crypto.news/tag/tesla/">Tesla’s</a> earlier interactions with the cryptocurrency. In the first quarter of 2021, the electric vehicle manufacturer <a href="https://crypto.news/tesla-1-5b-bitcoin-accept-btc-ev/">acquired over 43,000 bitcoins</a> at an estimated average price of $34,000, taking its Bitcoin treasury to a peak value of $1.5 billion. 
However, environmental concerns led CEO Elon Musk to change direction. Tesla sold a significant portion of its Bitcoin holdings in the first quarter of 2021 and further reduced its <a href="https://crypto.news/tesla-75-bitcoin-holdings-q2-2022/">Bitcoin assets by about 75% </a>at a 48% loss in the second quarter of 2022. 
Despite these sales, Tesla remains the <a href="https://bitcointreasuries.net/" target="_blank" rel="noopener">third-largest Bitcoin holder</a> among public companies, trailing only MicroStrategy and Marathon Digital Holdings. 
 You might also like: <a href="https://crypto.news/renewable-energy-milestone-opens-door-for-tesla-to-resume-crypto-payments/"> Renewable energy milestone opens door for Tesla to resume crypto payments </a> 
The market closely watches Tesla’s cryptocurrency decisions, as Elon Musk’s involvement has previously had a <a href="https://crypto.news/bitcoin-world-9th-valuable-asset-tesla/">notable impact</a> on Bitcoin prices. 
Tesla reported a net income of $1.85 billion for the July-September quarter, a 44% decline compared to the same period last year. Earnings per share also dropped to 53 cents from 95 cents. 
<h2 class="wp-block-heading" id="strong-tesla-and-ai-strong">Tesla and AI</h2> 
Although Tesla’s financial performance dipped, the company disclosed a marked uptick in its artificial intelligence capabilities. Tesla has amplified its computing capacity for AI initiatives twofold, moving the training framework for its humanoid robot, <a href="https://crypto.news/opti-surges-38-6-after-elon-musks-mention-of-optimus-in-tweet/">Optimus</a>, from conventional coding to AI-based methods. 
<blockquote class="wp-block-quote"> 
 “We have commissioned one of the world’s largest supercomputers to accelerate the pace of our AI development, with compute capacity more than doubling compared to Q2.” <cite>Tesla’s statement in Q3 2023 earnings report</cite>
</blockquote> 
Tesla’s quarterly spending on research and development climbed to $1.16 billion, marking a 58% increase from the previous year. The company attributed this substantial growth to various projects, such as the Cybertruck, enhancements in artificial intelligence, and other R&amp;D efforts. 
<figure class="wp-block-image size-full">
 <img decoding="async" loading="lazy" width="849" height="599" src="https://crypto.news/app/uploads/2023/10/Screenshot-2.png" alt="Tesla keeps $275m in BTC holdings amid increased AI investment - 23" class="wp-image-14206075">
 <figcaption class="wp-element-caption">
 Tesla shares continued to fall after the bell to a low of $230.19 | Source:<a href="https://www.google.com/finance/quote/TSLA:NASDAQ?hl=en" target="_blank" rel="noopener"> Google Finance</a>
 </figcaption>
</figure> 
Tesla’s stock declined by nearly 4.8% on Oct. 18 to close at $242.68 and further dropped 4.5% in after-hours trading, settling at $231.61, according to Google Finance data. 
 Read more: <a href="https://crypto.news/tesla-and-other-top-companies-capitalize-on-bitcoin-portfolio/"> Tesla and other top companies capitalize on Bitcoin portfolio </a>

Tesla keeps $275m in BTC holdings amid increased AI investment

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