Along with strong results for its electric vehicle sales, Tesla held onto its Bitcoin holdings during the second quarter of 2023, according to its latest quarterly report. The value of its digital assets therefore remains unchanged, standing at $184 million, as in the previous 3 quarters.
Tesla keeps its BTCs
Following the publication of its quarterly results on Wednesday, we learn that electric vehicle manufacturer Tesla neither bought nor sold Bitcoin in the second quarter of 2023.
So, just like for the last 3 quarters, the value of digital assets held by the company has not moved, now at $184 million. It should be noted that when publishing results, companies are not required to adapt the value of cryptocurrencies at a given time, but they must notify the corresponding value during the initial purchase.
Tesla bought $1.5 billion worth of BTC at the start of 2021, which had largely contributed to the launch of the bull market at the time. At the same time, Elon Musk, the company’s CEO, had temporarily allowed the purchase of cars and derivative products in Bitcoin, but he has since reversed his decision.
Overview of the quarterly report published by Tesla (in millions of dollars)
Afterwards, Tesla had decided to sell 75% of its Bitcoin holdings in July 2022, or 30,000 BTC sold for an amount of 936 million dollars. The company has not touched on its reserve since then.
As we can see from the question and answer session held on Tesla’s website following the publication of its results, a number of the US company’s customers have been asking when it will accept Bitcoin payments again, although these questions remained unanswered. In this regard, Elon Musk had said that he would consider restoring BTC payments once the latter’s mining was running on at least 50% renewable energy.
At the same time, the report published by Tesla reports $25 billion in revenue for the second quarter alone. The company also discussed its work on artificial intelligence (AI) and on Dojo, its supercomputer project aimed at developing the autonomy of its vehicles.
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Source: Tesla
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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