According to the shareholder deck released by Tesla on July 19, throughout its Q2 2023 investor report, it made no changes to its holdings of digital assets.
According to that document, Tesla had $184 million worth of digital assets as of June 30. This is the same amount as it held as of the ends of March 2023 and December 2022.
In the fourth quarter of 2022, Tesla’s holdings of digital assets underwent their final significant adjustment, dropping from $218 million to $184 million. Prior to that, the agency reported selling some of its Bitcoin for $936 million in July 2022; this sale represented around three-quarters of the Bitcoin the government had initially purchased in early 2021.
Despite the company’s static Bitcoin holdings, public interest in Tesla’s cryptocurrency strategy is still high. When asked whether Tesla will resume accepting Bitcoin payments through the company’s Q&A submission form, CEO Elon Musk responded that the company would do so if Bitcoin mining became 50% powered by renewable energy. It is unknown if Musk or other executives responded to these queries during the earnings call.
Tesla reported record earnings in Q2.
Tesla’s most recent report is noteworthy, aside from the company’s unchanged Bitcoin holdings, because the organization revealed $25 billion in record revenues in Q2. In its report, the company also emphasised its AI-related efforts and its Dojo training computers.
Despite these encouraging signs, Tesla stock is currently down 0.71% and plunged 4.90% after hours. Reviews from CNBC suggest that prices dropped as a result of Musk and other executives failing to provide specifications and release dates for new vehicles and declaring that production output would decline in Q3 due to facility improvements and shutdowns.
The news also comes just after Senator Elizabeth Warren asked American regulators to launch a probe into potential conflicts of interest between Tesla and Twitter, which Musk bought in October 2022.
Despite reporting $25B in revenue, Tesla’s $184M Bitcoin holdings remain unchanged, according to CryptoSlate.
