Tesla Holds Firm with Bitcoin Holdings for 4 Consecutive Quarters

Tesla, the world's leading electric car company, maintains its Bitcoin holdings at a value of $184 million USD.

Tesla Holds Firm with Bitcoin Holdings for 4 Consecutive Quarters

Tesla did not buy or sell any Bitcoin in Q2/2023, as reported in their financial statement released last night (19/07).

According to reports, Tesla's net digital asset value at the end of the quarter remains at $184 million USD, consistent with the previous three consecutive quarters. Despite Bitcoin's price briefly surpassing $30,000 USD from a low of $28,500 USD, accounting rules did not recognize these gains in the financial report.

Tesla affirmed that it has neither purchased nor sold any Bitcoin since Q2/2022. With an average purchase price of Bitcoin ranging from $33,000 USD to $38,000 USD, Tesla appears to be close to breaking even. However, by the end of January, Elon Musk's company reported a net loss of $140 million USD in 2022.

In its most recent adjustment, Tesla liquidated over 30,000 Bitcoins, equivalent to approximately 75% of its holdings, at a value of $936 million USD. Initially, the electric car company invested $1.5 billion USD in Bitcoin in February 2021, becoming one of the largest Bitcoin holders globally (second only to MicroStrategy). CEO Elon Musk later even accepted Bitcoin as payment for Tesla vehicles, though the billionaire quickly reversed his stance.

Since then, Bitcoin has seemingly cooled off and is gradually being supplanted by Dogecoin (DOGE) - the meme coin repeatedly praised by the Twitter boss.

Regarding business performance in the past quarter, Tesla reported an adjusted income per share of $0.91 USD, exceeding analysts' expectations of $0.80 USD. Revenue reached $24.9 billion USD, continuing to exceed expectations of $24.2 billion USD. Following this news, Tesla's stock rose 1% to $288.96 USD in after-hours trading and has increased by over 136% this year.