Tesla has maintained its position in Bitcoin for the fourth consecutive quarter without making any sales or additions, holding onto $184 million worth of the cryptocurrency.
In the Q2 2023 earnings report released on July 19, Tesla’s Bitcoin holdings remained steady at $184 million for the second consecutive quarter.
Since Q2 last year, Tesla has neither purchased nor sold any Bitcoin after selling over 30,000 Bitcoin, which represented about 75% of its total holdings, for $936 million.
Back in March 2021, Tesla first acquired $1.5 billion in Bitcoin, with CEO Elon Musk announcing plans to accept Bitcoin as payment for Tesla vehicles shortly after.
However, Musk later reversed course on Bitcoin payments for Tesla vehicles, citing environmental concerns due to the cryptocurrency’s significant energy consumption.
This year, Tesla has exceeded analyst expectations, reporting adjusted earnings per share of $0.91, surpassing predictions by $0.09. Revenue also surpassed expectations, with Q2 revenue reaching $24.9 billion, surpassing estimates by 0.81%.
Despite these positive results, the market response seemed muted, as Tesla’s stock price declined by 4.19% to $279.07 in after-hours trading, according to data from Google Finance.
Bitcoin’s price has dropped nearly 5% over the week and is currently trading at $29,914, based on Cointelegraph data.
Some traders anticipate Bitcoin revisiting a price around $27,500 in the near future after struggling to maintain levels above the $30,000 mark.
Image Source: Mc_Cloud @ShutterStock
