SNEAK PEEK
- Even after the Twitter battle and bear market, Tesla is the largest corporate owner of Bitcoin.
- The company sold 75% Bitcoin holdings and made a profit of $936 million in July.
- Tesla remains one among the top two publicly traded firms with maximum Bitcoins.
Tesla’s recently released documents have disclosed that the company’s Bitcoin holdings are the same from the second quarter of this year.
The report was shared with the public on Wednesday and states that Tesla still acquires $218 million in Bitcoin. The company sold 75% of Bitcoin holdings in July and it accounted for $936 million. Post this, the company shared still owning digital assets worth $222 million.
Musk, in the Q2 investor call, shared that the reason behind selling Bitcoin was freeing up cash since COVID lockdowns are imposed in China. It is for this reason, maximizing their cash position is important, as lockdown in China is uncertain.
Even after selling, Tesla is among the largest Bitcoi holders, after MicroStrategy that has 130,000 BTC and Galaxy Digital Holdings that has 16,400 BTC.
Musk’s intention of purchasing Twitter and the legal fight on wishing to step back from the deal had no role in the decision. Also, it hasn’t changed the firm’s opinions regarding crypto.
A few leaked messages disclosed Musk having discussions with a number of tech entrepreneurs regarding the social media platform’s possible future. One of the ideas was to incorporate a payment method via Dogecoin, Musk’s favorite cryptocurrency.
According to Musk, the idea was to make users pay a small amount and register a message on-chain to reduce spam as well as bots via the need of 0.1 Doge to either post or repost comments.
