Bitcoin (BTC) HODLer Tesla (TSLA) Extends Its Stance For the Fifth Successive Quarter

Electric vehicle juggernaut Tesla Inc. TSLA revealed none of its Bitcoin BTC/USD holdings were sold in the third quarter, extending its HODLing period

Electric vehicle giant Tesla Inc. TSLA revealed none of its Bitcoin BTC/USD holdings were sold in the third quarter, continuing its HODLing streak for the fifth consecutive quarter.

Upon the company's earnings release on Wednesday after the market close, its balance sheet showed $184 million in digital assets.

While the corporation does not disclose a breakdown of its digital holdings, on-chain tracking firms have suggested that it is predominantly Bitcoin, the world's leading cryptocurrency.

At current market prices, the company had 11,509 Bitcoins as of last glance, valued at about $773 million.

As Kamala Harris-Trump Polymarket Hype Ensues, CFTC Chair Reluctant To Become An ‘Election Cop’ — Wants Congress To Act On Crypto And Election Betting to our coverage now.

The key takeaway here is the substantial difference in the value being reported by Tesla and other tracking firms, which is likely on account of the impairment cost being factored in by the company.

Most cryptocurrencies are required to be reported as long-lived intangible assets, according to accounting rules. This means that they are initially recorded on a balance sheet at the acquisition price and then “tested for impairment” or a decrease in value periodically.

Beginning In January 2021, Tesla Embarked On Its Bitcoin Journey, Acquiring $1.5 Billion In the Leading Cryptocurrency

Previously, the Elon Musk-led firm accepted Bitcoin as a payment option for its vehicles before discontinuing the practice over concerns regarding the energy consumption used in Bitcoin mining.

The story continues below the advertisement. to our coverage now. At the time of writing, Bitcoin was trading at $67,235, showing a 0.50% gain over the last 24 hours, according to data from Benzinga Pro. Shares of Tesla were rising 12% in after-hours trading after closing 1.98% down during Wednesday's regular session.

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