{"id":26458,"date":"2022-10-21T16:47:05","date_gmt":"2022-10-21T11:17:05","guid":{"rendered":"https:\/\/coinswitch.co\/switch\/?p=26458"},"modified":"2022-10-21T16:47:05","modified_gmt":"2022-10-21T11:17:05","slug":"tesla-to-hodl-218m-in-btc","status":"publish","type":"post","link":"https:\/\/coinswitch.co\/switch\/news\/tesla-to-hodl-218m-in-btc\/","title":{"rendered":"Tesla to HODL $218M in BTC"},"content":{"rendered":"<p>American car manufacturing company Tesla has announced that it plans to hold on to its $218 million in Bitcoin (BTC). The vehicle manufacturing company is one of the largest institutional adopters of BTC.<\/p>\n<p>The Q3 report from Tesla, released on 19 October, shows $218 million worth of digital assets on its balance sheet. Based on the current price of BTC, Tesla&#8217;s holdings may amount to around 9,720 BTC.<\/p>\n<p>The report comes months after Tesla\u2019s nearly $1 billion sell-off, citing the need for liquidity amid Covid-related uncertainty in its Chinese operations. The sell-off wiped away a significant chunk of the company\u2019s $1.5 billion BTC holdings. Tesla also stated that it sold 75% of its Bitcoin during the second quarter of the year. It added $936 million to its books at the time, according to its estimates.<\/p>\n<p>Despite these sell-offs, Tesla stands second among the world\u2019s largest corporate holders of Bitcoin, retaining its position from last year. MicroStrategy, with the highest holdings from all corporations, has 130,000 BTC (around $2.48 billion), and Galaxy Digital Holdings has 16,400 BTC (about $313 million). The Michael Saylor-led company\u2019s record too was despite them <a href=\"https:\/\/coinswitch.co\/switch\/crypto\/microstrategy-to-sell-500-mn-in-stock-to-buy-more-btc\/\" target=\"_blank\" rel=\"noopener\">losing<\/a> their investment in BTC earlier this year.<\/p>\n<p>In the past few years, Tesla CEO Elon Musk has made his support for another crypto, Dogecoin (DOGE), pretty public. Under Musk, Tesla even started accepting DOGE payments for a range of merchandise, and the CEO\u2019s rocket-building company SpaceX followed suit. The latest development seems to reaffirm that commitment toward crypto.<\/p>\n<p>Overall for Q3 2022, Tesla posted $3.3 billion in profits attaining revenues of $21.45 billion, despite falling short of analyst expectations.<\/p>\n<p>Meanwhile, shedding over 60% of its last year\u2019s November all-time high of $69,000, BTC is struggling to stay above the first resistance level of $19,000 at publishing time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>American car manufacturing company Tesla has announced that it plans to hold on to its $218 million in Bitcoin (BTC). The vehicle manufacturing company is one of the largest institutional adopters of BTC. The Q3 report from Tesla, released on 19 October, shows $218 million worth of digital assets on its balance sheet. Based on [&hellip;]<\/p>\n","protected":false},"author":70,"featured_media":26459,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[7701],"tags":[6467,6536],"class_list":["post-26458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-news"],"acf":{"json_ld_schema":"\n[{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#FAQPage\",\"headline\":\"Wall Street jottings: A personal, guided tour to investing in US stocks\",\"keywords\":\"Personal Guide, US Investing, \",\"datePublished\":\"2022-07-22T13:28:55+05:30\",\"dateModified\":\"2022-09-19T19:04:28+05:30\",\"dateCreated\":\"2022-07-22T13:28:55+05:30\",\"author\":{\"@type\":\"Person\",\"name\":\"Akumbenla Jamir\",\"description\":\"\",\"url\":\"https:\/\/coinswitch.co\/switch\/author\/akumbenla\/\",\"sameAs\":[],\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/38aea2873be2850fa7502413626eea19?s=96&d=mm&r=g\",\"height\":96,\"width\":96}},\"image\":[{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#primaryimage\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings.jpg\",\"width\":\"1800\",\"height\":\"1080\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x900.jpg\",\"width\":\"1200\",\"height\":\"900\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x675.jpg\",\"width\":\"1200\",\"height\":\"675\"}]}]\n","json_ld_custom_schema":"","youtube_vodeo_url":"","seo":{"title":"","keywords":"","description":"","canonical":""},"blog_banner_image":false,"blog_coin":false,"download_the_app":{"button_value":"","button_url":""},"twitter_card":{"twitter_title":"","twitter_description":"","twitter_link":""},"maturity_tag":"","post_author":false,"guest_author":false,"hide_toc":false,"select_disclaimer":"Article Default Disclaimer","key_takeways":false},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/26458","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/users\/70"}],"replies":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/comments?post=26458"}],"version-history":[{"count":1,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/26458\/revisions"}],"predecessor-version":[{"id":26462,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/26458\/revisions\/26462"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media\/26459"}],"wp:attachment":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media?parent=26458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/categories?post=26458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/tags?post=26458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}