For the fourth consecutive quarter, Tesla has maintained a consistent approach towards its digital asset holdings, refraining from both selling or acquiring additional assets. The electric vehicle manufacturer’s Bitcoin holdings, amounting to $184 million, have remained unchanged, as indicated in the Q2 2023 earnings report released on July 19.
Since Q2 of the previous year, Tesla has refrained from any Bitcoin transactions, after selling over 30,000 Bitcoin at that time. The sale amounted to approximately 75% of its total Bitcoin holdings and fetched $936 million.
As of the latest report, the value of Tesla’s remaining Bitcoin holdings stands at $184 million, which has persisted at this level for the past two quarters.
In March 2021, Tesla made headlines when it invested $1.5 billion in Bitcoin, and its CEO, Elon Musk, announced plans to accept Bitcoin as payment for Tesla vehicles in the near future.
However, Elon Musk later reversed this decision, citing environmental concerns arising from the high energy consumption associated with Bitcoin mining and transactions. As a result, Tesla suspended the acceptance of Bitcoin payments for its vehicles.
Despite this setback, Tesla has been surpassing analyst predictions and performing impressively throughout the year. In the second quarter, the company reported adjusted earnings per share of $0.91, exceeding analyst estimates by $0.09. Additionally, Tesla’s revenue for Q2 amounted to $24.9 billion, surpassing expectations by 0.81%. This strong financial performance demonstrated Tesla’s resilience and ability to outperform market projections despite the challenges faced in the cryptocurrency and environmental domains.Despite exceeding expectations in its financial performance, Tesla’s stock price did not witness a significant positive response from the market. On the contrary, the stock price experienced a decline of 4.19% during after-hours trading, settling at $279.07, as reported by Google Finance. The market’s reaction might indicate a variety of factors influencing investor sentiment, including broader market trends, investor expectations, and reactions to the company’s announcements and actions beyond its financial results.
As per Cointelegraph data, Bitcoin has experienced a nearly 5% decline for the week and is presently trading at $29,914.
Certain traders anticipate that Bitcoin might revisit a price level of approximately $27,500 in the near future, considering its inability to sustain its position above the resistance mark of $30,000.
For those interested in commemorating this moment in the crypto space and supporting independent journalism, this article can be collected as an NFT (Non-Fungible Token), preserving its significance in history.