Tesla, the renowned electric vehicle manufacturer, has held onto its Bitcoin holdings for the fourth consecutive quarter, maintaining a steady value of $184 million worth of the digital asset. The latest Q2 2023 earnings report, released on July 19, confirmed that Tesla's Bitcoin holdings have remained at the same value for the past two quarters.
Since Q2 of the previous year, Tesla has neither bought nor sold any Bitcoin, following the massive sale of over 30,000 Bitcoin in that quarter, accounting for approximately 75% of its total holdings, generating $936 million.
The journey began in March 2021 when Tesla initially invested $1.5 billion in Bitcoin, with CEO Elon Musk announcing that the company would accept Bitcoin as payment for Tesla vehicles. However, the acceptance of Bitcoin payments was later halted, citing environmental concerns due to the digital currency's high energy consumption.
Despite the stability of Tesla's Bitcoin holdings, the company's performance has exceeded analysts' expectations this year. Tesla reported adjusted earnings per share of $0.91, surpassing analyst predictions by $0.09. Moreover, the company's Q2 revenue of $24.9 billion exceeded expectations by 0.81%.
Nevertheless, the market's response to Tesla's impressive performance was muted, as the company's stock price experienced a decline of 4.19% to $279.07 in after-hours trading, according to data from Google Finance.
On the other hand, Bitcoin's price faced some challenges, declining nearly 5% for the week and currently trading at $29,914, according to Cointelegraph data. Market sentiment indicates that Bitcoin may revisit the $27,500 price level in the coming days, as it struggled to maintain strong support above the $30,000 resistance mark.
Despite the fluctuations in both the Bitcoin market and Tesla's stock price, the electric vehicle manufacturer remains steadfast in its digital asset holdings, reflecting the company's long-term investment approach in the cryptocurrency space. As the digital asset landscape continues to evolve, the crypto community will closely monitor Tesla's future decisions regarding its Bitcoin holdings.
