Elon Musk’s electric car company Tesla has not sold its remaining Bitcoin stash despite bearish conditions in the crypto market.
According to the firm’s Q3 report released Wednesday, Tesla held $218 million worth of bitcoin as of September 30.
Tesla Holds 9,720 BTC
Recall that Tesla was one of the largest corporate holders of Bitcoin, but the car manufacturer liquidated about 75% of its BTC portfolio in Q2. The digital assets in its possession moved from $1.26 billion to $218 million after the sell-off.
Shortly after the Q2 sale, CEO Elon Musk revealed that the company had disposed of its bitcoins to tackle China’s unexpectedly high production costs due to the COVID-19 lockdown. The billionaire noted that while Tesla sold a large chunk of its BTC holdings, he remained a Bitcoin HODLer.
Per the Q3 report, Tesla still holds about 9,720 BTC, which, as of prices at the end of September, equaled $218 million.
Musk: Tesla Is Likely to Do a Share Buyback
During an earnings call with CNBC on Wednesday, Musk revealed that Tesla would likely do a major share buyback next year.
Recall that the CEO sold 7.92 million Tesla shares worth $7 billion in August due to the $44 billion Twitter deal.
According to Musk, the buyback would be between $5 billion and $10 billion, depending on the board’s approval.
Meanwhile, the car manufacturer recorded a net income (GAAP) of $3.33 billion, more than twice from Q3 2021, while automotive revenue increased by 55% from last year’s quarter. The company also recorded revenues of $21.45 billion, which is lower than the expected $21.96 billion.
Tesla Can Exceed Apple’s Market Cap
Musk believes his company can surpass Apple’s current market cap in the future.
“I’m of the opinion that we can far exceed Apple’s current market cap. In fact, I see a potential path for Tesla to be worth more than Apple and Saudi Aramco combined. That doesn’t mean it will happen or will be easy,” he stated.
Tesla has a market cap of $696 billion, while Apple is valued at $2.31 trillion.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.