For the fourth consecutive quarter, Tesla has not sold or added to its digital asset holdings and the electric vehicle maker continues to hold $184 million of its remaining Bitcoin (BTC).
In Q2 2023 earnings released on July 19, Tesla’s net worth of Bitcoin holdings stood at $184 million, which has held at the same value for the past two quarters.
Tesla has not bought or sold Bitcoin since the second quarter of last year, when it sold more than 30,000 Bitcoin, representing approximately 75% of its total holdings, for $936 million.
Tesla’s Bitcoin holdings totaled $184 million at the end of the second quarter. Source: Tesla
Tesla first bought $1.5 billion worth of Bitcoin in March 2021 and company CEO Elon Musk promised to accept Bitcoin as payment for Tesla vehicles in the days that followed.
Musk later halted Bitcoin payments for Tesla vehicles, however, citing environmental concerns brought on by Bitcoin’s high energy usage as the reason for the pullback.
Tesla has been beating analyst expectations this year, with the company reporting adjusted earnings per share of $0.91, beating analyst predictions by $0.09. Revenue also beat on the upside, with $24.9 billion in Tesla revenue in the second quarter beating expectations by 0.81%.
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Despite beating expectations, the market apparently failed to register a positive response. Tesla’s share price fell 4.19% to $279.07 in after-hours trading according to data from Google Finance.
Tesla’s stock price fell 4.19% in after-hours trading. Source: Google Finance
Bitcoin is down nearly 5% for the week and is currently changing hands for $29,914, according to Cointelegraph data.
Some traders expect Bitcoin to reach a price of around $27,500 again in the coming days after failing to hold strong above the $30,000 resistance mark.
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This post EV Maker’s Bitcoin Holdings See No Change in Q2
was published first on https://cointelegraph.com/news/tesla-bitcoin-holdings-no-change-in-second-quarter
