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08/29/2024

Dell's Financial Results Show No Sign of Bitcoin Despite CEO's Bullish Comments

Many expected Dell to join the list of companies holding Bitcoin on its balance sheet when the company released its Q2 earnings report. Dell Technologies appears to have not added Bitcoin to its balance sheet in Q2, even though CEO Michael Dell made some suggestive remarks about crypto recently. In the report published on August 29, the company revealed strong financial results driven by growing demand for artificial intelligence (AI), but made no mention of Bitc

Dell's Financial Results Show No Sign of Bitcoin Despite CEO's Bullish Comments

Many expected Dell to join the list of companies holding Bitcoin on its balance sheet when the company released its Q2 earnings report.

Dell Technologies appears to have not added Bitcoin to its balance sheet in Q2, even though CEO Michael Dell made some suggestive remarks about crypto recently.

In the report published on August 29, the company revealed strong financial results driven by growing demand for artificial intelligence (AI), but made no mention of Bitcoin during the earnings call or in the results report.

Source: Michael Dell

Speculation ran high that the tech giant may have been considering a Bitcoin purchase after CEO Michael Dell made a strong impression of being bullish on crypto through a series of social media posts.

In a June 21 post on X, Dell wrote, "Scarcity creates value" — a phrase commonly associated with Bitcoin given its fixed supply cap of 21 million coins.

He further fueled speculation by reposting a reply from prominent Bitcoin advocate and MicroStrategy CEO Michael Saylor, captioned "Bitcoin is digital scarcity," followed by an account featuring a cookie monster image eating Bitcoin.

Dell also ran a poll on June 29 asking users what matters most: AI, Bitcoin, Love and relationships, or none of the above. Bitcoin won with 43% of the vote.

Source: Michael Dell

His last Bitcoin-related post came on July 16, when he commented "Bitcoin is interesting" on an interview with BlackRock CEO Larry Fink, who explained he was no longer skeptical of Bitcoin after studying it.

However, Dell's financial results show no indication that the company purchased Bitcoin or any other cryptocurrency.

Companies typically disclose when they buy or hold digital assets. Tesla's foray into Bitcoin was revealed in its Q1 2021 financial report when the company purchased $1.5 billion worth of Bitcoin.

MicroStrategy, Metaplanet, and Semler Scientific have also publicly disclosed the size and scope of their Bitcoin holdings in their earnings reports.

Related: Betting bigger on Bitcoin miners cashing in on AI

Only a handful of companies have incorporated Bitcoin into their financial strategy. Leading the pack is Saylor's MicroStrategy, with 226,500 Bitcoin worth $13.4 billion, according to the company's portfolio tracker.

Dell Q2 Financial Results Beat Estimates on AI Strength

The company's total revenue came in at $25 billion, up 9% year-over-year, with server and networking revenue hitting a record $7.7 billion, up 80% from the prior year.

Analysts had projected revenue of $24 billion. Jeff Clarke, Dell's vice chairman and COO, said AI was the primary driver behind the company's stronger-than-expected earnings.

"Our AI momentum accelerated in Q2, and we've seen the number of enterprise customers purchasing AI solutions grow every quarter," Clarke said.

"AI-optimized server revenue reached $3.2 billion, up 23% quarter-over-quarter and $5.8 billion year-to-date," he added.