Tesla has announced that it has not sold or added to its Bitcoin holdings for the fourth consecutive quarter, with the electric vehicle company continuing to hold $184 million worth of the digital asset. This information was revealed in Tesla’s Q2 2023 earnings report, released on July 19.
According to the report, the net value of Tesla’s Bitcoin holdings has remained unchanged at $184 million for the past two quarters. The company has not made any new purchases or sales of Bitcoin since Q2 of the previous year, when it sold over 30,000 Bitcoin, accounting for around 75% of its total holdings, for $936 million.
Tesla first entered the Bitcoin market in March 2021, purchasing $1.5 billion worth of the cryptocurrency. At that time, CEO Elon Musk also announced that Tesla would accept Bitcoin as a form of payment for its vehicles. However, Musk later reversed this decision, citing environmental concerns associated with Bitcoin’s high energy consumption.
Despite concerns over its Bitcoin holdings, Tesla has been performing well financially. The company reported adjusted earnings per share of $0.91 in Q2, surpassing analyst predictions by $0.09. Additionally, Tesla’s Q2 revenue of $24.9 billion exceeded expectations by 0.81%.
However, despite the positive financial results, Tesla’s stock price experienced a decline of 4.19% in after-hours trading, dropping to $279.07. This reaction from the market may indicate that investors are not fully satisfied with the company’s performance.
In the cryptocurrency market, Bitcoin has faced some challenges recently. It has seen a decline of nearly 5% over the week and is currently being traded at $29,914. Some traders anticipate that Bitcoin’s price may revisit the $27,500 mark in the coming days as it struggles to stay above the $30,000 resistance level.
Overall, Tesla’s decision to hold its Bitcoin holdings steady for another quarter has attracted attention in the cryptocurrency and financial markets. It remains to be seen how the company’s stance on Bitcoin may evolve in the future and whether it will impact its stock performance.
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