The post Tesla’s Bitcoin Holdings Q2 2023 Report : Here’s What The Portfolio Looks Like appeared first on Coinpedia Fintech News
In its Q2 2023 earnings release on Wednesday, Tesla (TSLA), the electric car manufacturer, revealed that it neither bought nor sold any bitcoin for the fourth consecutive quarter. The company’s bitcoin holdings remained at a net value of $184 million, the same as the previous three quarters.
HODLing Strong: Tesla’s Unique Approach to Bitcoin
At the end of the second quarter, the price of Bitcoin stood at approximately $30,400, up from around $28,500 at the end of the first quarter. However, current accounting regulations prevent the valuation of digital assets from being adjusted when prices rise unless the assets are sold. Conversely, valuation reductions can occur when prices decline, even before any sale takes place.
It’s worth noting that Tesla’s bitcoin dealings have been relatively static since the second quarter of last year when the company sold over 30,000 bitcoins, equivalent to approximately 75% of its holdings, for an impressive $936 million. Initially, in early 2021, Tesla made headlines by purchasing $1.5 billion worth of bitcoin, and CEO Elon Musk further fueled bitcoin prices by announcing that Tesla would accept bitcoin as payment for its electric vehicles. However, Musk later backtracked on this decision.
To Buy or Not to Buy?
Despite its unchanged bitcoin holdings, Tesla reported strong Q2 financial performance. The company posted adjusted earnings per share of $0.91, surpassing the consensus analyst estimate of $0.80, according to FactSet. Additionally, its revenue of $24.9 billion outperformed analyst expectations of $24.2 billion.
As the dust settles on Tesla’s earnings, investors have driven the company’s shares up by 1% in after-hours trading, reaching a sky-high $288.96. With an impressive year-to-date growth of over 136%, it’s evident that the market still believes in the power of Tesla’s electric dreams.
As Elon Musk famously said, “The future is already here; it’s just not evenly distributed.”
Tesla’s decision to maintain its bitcoin holdings and its robust Q2 performance seems to embody this futuristic spirit, navigating the twists and turns of the crypto rollercoaster, holding its course, and reaping the rewards.
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