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For the fourth straight quarter, Tesla has preserved its digital asset portfolio, retaining $184 million in Bitcoin. The company’s Q2 2023 earnings report, published on July 19, indicated that the net worth of Tesla’s Bitcoin assets has remained stable over the last two quarters.
Since the second quarter of the previous year, Tesla has not engaged in any Bitcoin transactions, neither purchasing nor selling. During that timeframe, the company liquidated over 30,000 Bitcoin, which represented about 75% of its total holdings, generating $936 million.
In March 2021, Tesla made an initial investment of $1.5 billion in Bitcoin, with CEO Elon Musk declaring that the company would accept Bitcoin as a payment method for its vehicles. However, Musk later retracted this decision, citing worries regarding Bitcoin’s environmental effects due to its significant energy usage.
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Despite Tesla’s robust performance, exceeding analysts’ forecasts with adjusted earnings per share of $0.91 (surpassing estimates by $0.09) and Q2 revenue of $24.9 billion (outperforming expectations by 0.81%), the market reaction has been somewhat subdued. In after-hours trading, Tesla’s stock price fell by 4.19% to $279.07.
Bitcoin has also seen a decline of nearly 5% over the week, currently trading at $29,914. Some traders expect a possible retest of the $27,500 price level soon, as Bitcoin finds it challenging to maintain its position above the resistance level of $30,000.
While Tesla’s Bitcoin assets remain unchanged, the company’s emphasis on its primary business and financial results continues to influence its market trajectory. Investors and cryptocurrency enthusiasts will be keeping an eye on any future developments concerning Tesla’s engagement with Bitcoin and the potential effects on the cryptocurrency market.
The post Tesla Holds $184 Million Worth of Bitcoin, but Halts Further Activity appeared first on BitcoinWorld.
