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.
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.
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.
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.
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