Tesla’s diamond hands: EV maker's Bitcoin holdings see no change in Q2

For the fourth quarter in a row, Tesla hasn’t sold or added to its digital asset holdings, with the electric vehicle manufacturer continuing to hold $184 million worth of its remaining Bitcoin (BTC).

In Q2 2023 earnings released on July 19, the net value of Tesla’s Bitcoin holdings stood at $184 million, which has held at the same value for the past two quarters.

Tesla hasn’t bought or sold any Bitcoin since Q2 last year when it sold more than 30,000 Bitcoin — which accounted for roughly 75% of its total holdings — for $936 million.

Tesla first purchased $1.5 billion worth of Bitcoin in March 2021, with CEO Elon Musk promising to accept Bitcoin as payment for Tesla vehicles in the following days.

Musk later halted Bitcoin payments for Tesla vehicles, however, and cited environmental concerns brought about by Bitcoin’s high energy usage as the reason for the backtrack.

Tesla has been outperforming analyst expectations this year, with the company reporting adjusted earnings per share of $0.91, beating analyst predictions by $0.09. Revenue also outperformed on the upside, with Tesla’s $24.9 billion in Q2 revenue beating expectations by 0.81%.

Despite beating expectations, the market seemingly failed to register much in the way of a positive response. Tesla’s stock price dropped 4.19% to $279.07 in after-hours trading, according to data from 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 revisit a price of roughly $27,500 in the coming days after failing to hold strong above the $30,000 resistance mark.

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This content was originally published here.


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