Holding Steady: Tesla Maintains Its Bitcoin Holdings Unchanged in Q2

Tesla, the electric vehicle giant, has once again refrained from making any changes to its cryptocurrency holdings for the fourth consecutive quarter. The company’s most recent Q2 2023 earnings report, released on July 19, revealed that Tesla continues to hold $184 million worth of Bitcoin, maintaining the same value for the past two quarters.

Since Q2 of the previous year, Tesla has neither bought nor sold any additional Bitcoin. During that quarter, the company sold more than 30,000 Bitcoins, representing approximately 75% of its total holdings, for a substantial $936 million.

Tesla’s initial Bitcoin purchase of $1.5 billion took place in March 2021, and CEO Elon Musk expressed intentions to accept Bitcoin as payment for Tesla vehicles shortly after. However, the company later suspended the option to use Bitcoin for payments, citing environmental concerns due to the cryptocurrency’s high energy consumption as the reason for the decision.

Despite the ongoing Bitcoin holdings and related discussions, Tesla has demonstrated impressive performance this year, surpassing analyst expectations. The company reported adjusted earnings per share of $0.91, outperforming predictions by $0.09. Additionally, Tesla’s Q2 revenue of $24.9 billion exceeded expectations by 0.81%.

Interestingly, the market’s response to the positive financial performance appeared subdued. Following the earnings announcement, Tesla’s stock price experienced a decline of 4.19% in after-hours trading, reaching $279.07, according to data from Google Finance.

Meanwhile, Bitcoin’s price has been experiencing fluctuations, down nearly 5% for the week and currently trading at approximately $29,914, according to CryptoGrafos data. Some traders anticipate a possible revisit of the $27,500 price level in the coming days, as the cryptocurrency struggled to maintain strength above the critical $30,000 resistance mark.

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