Bitcoin Holdings Steady Amid Market Volatility

Tesla has not sold or added to its digital asset holdings for the fourth consecutive quarter, with the electric vehicle manufacturer continuing to hold Bitcoin worth $184 million.

The net value of Tesla’s Bitcoin holdings was $184 million as of Tesla’s Q2 2023 earnings report, which was disclosed on July 19.

This value has remained constant for the past two quarters. Tesla has not purchased or sold Bitcoin since the second quarter of 2017, when it sold more than 30,000 bitcoins for $936 million, representing approximately 75% of its total holdings.

Tesla stock price dropped 4.19% in after-hours trading. Source: Google Finance

In March 2021, Tesla made its first purchase of Bitcoin worth $1.5 billion, with CEO Elon Musk promising to accept Bitcoin as payment for Tesla vehicles in the days that followed.

Musk subsequently suspended Bitcoin payments for Tesla vehicles, citing environmental concerns caused by Bitcoin’s high energy consumption as the reason for the reversal.

This year, Tesla has outperformed analyst expectations, with the company reporting adjusted earnings per share of $0.91, which is $0.09 higher than analyst predictions.

Tesla’s Bitcoin holdings totaled $184 million at the end of Q2. Source: Tesla

Revenue also exceeded expectations, with Tesla’s Q2 revenue of $24.9 billion exceeding forecasts by 0.81 percent. Despite exceeding expectations, the market did not appear to detect a significant positive response.

In after-hours trading, Tesla’s share price fell 4.19 percent to $279.07, according to data from Google Finance. The current price of Bitcoin is $29,914, a decrease of nearly 5% from the previous week.

Traders anticipate Bitcoin’s price to return to roughly $27,500 in the coming days after failing to maintain a position above the $30,000 resistance level.t