Tesla Holds $184 Million Worth of Bitcoin, but Halts Further Activity

For the fourth consecutive quarter, Tesla has maintained its digital asset holdings, with $184 million worth of Bitcoin remaining in its possession. The company’s Q2 2023 earnings report, released on July 19, revealed that the net value of Tesla’s Bitcoin holdings has remained constant over the past two quarters.

Since Q2 of last year, Tesla has neither bought nor sold any Bitcoin. During that period, the company sold over 30,000 Bitcoin, which accounted for approximately 75% of its total holdings, fetching $936 million.

In March 2021, Tesla initially purchased $1.5 billion worth of Bitcoin, with CEO Elon Musk announcing that the company would accept Bitcoin as payment for its vehicles. However, Musk later reversed this decision, citing concerns about Bitcoin’s environmental impact due to its high energy consumption.

Despite Tesla’s strong performance, surpassing analysts’ expectations with adjusted earnings per share of $0.91 (beating predictions by $0.09) and Q2 revenue of $24.9 billion (exceeding expectations by 0.81%), the market response has been relatively muted. In after-hours trading, Tesla’s stock price dropped 4.19% to $279.07.

Bitcoin has also experienced a decline of nearly 5% for the week, currently trading at $29,914. Some traders anticipate a potential retest of the $27,500 price level in the near future, as Bitcoin struggles to sustain itself above the resistance mark of $30,000.

While Tesla’s Bitcoin holdings remain unchanged, the company’s focus on its core business and financial performance continues to shape its trajectory in the market. Investors and crypto enthusiasts will be monitoring any future developments regarding Tesla’s involvement with Bitcoin and the potential impact on the cryptocurrency market.