Diamond in Tesla’s Hand: EV Maker’s Bitcoin Holdings See No Change in Q2

For the fourth consecutive quarter, Tesla has not sold or added to its digital asset holdings, with the electric vehicle maker retaining $184 million worth of its remaining bitcoin (BTC).

in Q2 2023 Income The net value of Tesla’s bitcoin holdings was $184 million as of the July 19 release, which has remained at the same value for the past two quarters.

Tesla hasn’t bought or sold any bitcoin since the second quarter of last year, when it sold more than 30,000 bitcoins – which was about 75% of its total holdings – for $936 million.

Tesla first bought $1.5 billion worth of bitcoin in March 2021, with the company’s CEO Elon Musk promising to accept bitcoin as payment for Tesla vehicles in the following days.

However, Musk later halted bitcoin payments for Tesla vehicles, citing environmental concerns due to bitcoin’s high energy use as the reason for the backlash.

Tesla is outperforming analysts’ expectations this year, with the company reporting adjusted earnings per share of $0.91, beating analysts. predictions From $0.09. Revenue also fared better, with Tesla’s second-quarter revenue of $24.9 billion beating expectations by 0.81%.

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Despite responding better than expectations, the market failed to register a positive response. Accordingly, Tesla’s share price fell 4.19% to $279.07 in after-hours trading. statistics from google finance.

According to Cointelegraph data, bitcoin is down about 5% this week and is currently trading at $29,914.

Some traders expect bitcoin to revisit the price of around $27,500 in the coming days after failing to remain strong above the $30,000 resistance.

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