When Elon Musk's company Tesla acquired $1.3 billion in Bitcoin in January, he took a tremendous risk. At the time of acquisition, it was thought that BTC was trading in the low $30,000 range.

Tesla sold around 10% of its Bitcoin holding in the second quarter, boosting earnings by $272 million.

According to <a href="https://bitcointreasuries.net/dark.html" target="_blank" rel="nofollow noopener">BitcoinTreasuries</a>, the business still has an estimated 43,200 BTC in hand. 

That remaining BTC is now worth an estimated $2.8 billion, giving the business an unrealized profit of $1.3 billion. Since that first acquisition, the value of its shares has grown by 86%.

Tesla is the second-largest corporate Bitcoin holder after MicroStrategy, which has 114,041 BTC valued at an estimated $7.4 billion at current rates.
<h2>Elon Musk’s Tesla Still Has $1.3 Billion Worth Bitcoin on Its Balance Sheet</h2>
According to Tesla’s third-quarter financial <a href="https://tesla-cdn.thron.com/static/TWPKBV_TSLA_Q3_2021_Quarterly_Update_SI1AKE.pdf" target="_blank" rel="nofollow noopener">report</a>, overall revenue increased 57%  year-on-year during the period. 

It recorded sales of $13.7 billion for the quarter, resulting in a gross profit of $3.6 billion, a 77% increase year-on-year. Tesla attributed this rise to increased car production and cost savings.

Notably, no more Bitcoin purchases <a href="https://www.cryptoknowmics.com/news/tesla-reads-bitcoin-holdings-of-nearly-2-5-billion-in-its-sec-filing/">were made</a> throughout the time. To account for its current BTC holdings, the business recorded a $51 million impairment charge in the third quarter.

According to digital asset accounting standards, if the price of an asset decline throughout the quarter, the firm must record it as an impairment. 

However, if the price rises, it is not shown on the balance sheet again.

Since prices fell to a low of approximately $30,000 in mid-July, Q3 would have been an excellent opportunity to stock up on additional BTC. 

Prices have already risen 116% since their lows and have recently set a new all-time high.

Tesla and its mysterious CEO have played a role in this year's market volatility, with ordinary traders responding to the occasional tweet or business statement.
<h2>Bitcoin Cools From All-Time High</h2>
Bitcoin values are now cooling off from their all-time highs. On October 20, BTC reached a new all-time high of $67,000.

It is presently selling at just moreover $66,000, which is virtually precisely its starting price for the day. 

BTC has already gained more than 50% in the last month and a whopping 124% since the beginning of the year.

Elon Musk’s Tesla Made $1.3 Billion on Bitcoin But Did Not Buy the Dip in Q3

Elon Musk's Tesla results revealed that the US-based electric vehicle manufacturer still has $1.3 billion in Bitcoin on its financial sheet.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

Elon Musk’s Tesla Made $1.3 Billion on Bitcoin But Did Not Buy the Dip in Q3

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