Tesla’s Q2 2023 Update reveals that the American electric car and clean energy company refrained from selling any of its bitcoin (BTC) or cryptocurrency holdings in the previous quarter. For the past three quarters, Tesla has maintained a digital asset portfolio worth approximately $184 million.
Tesla Holds Steady on Bitcoin in Q2 2023, Maintains $184M in Digital Assets
Following the market close on Wednesday, July 19, 2023, electric car manufacturer Tesla reported its financial results for the second quarter. In this quarter, Tesla manufactured 480,000 vehicles and delivered 466,000. “Q2-2023 was a record quarter on many levels with our best-ever production and deliveries and revenue approaching $25B in a single quarter,” detailed Tesla’s Q2 2023 update.
Besides a better second quarter despite the current “macroeconomic environment,” Tesla’s Q2 financial report indicates that it hasn’t sold any bitcoin. The electric vehicle company, helmed by Elon Musk, originally held $1.31 billion in digital currencies in June 2021. Musk then hinted that the amount of bitcoin held was “close” to 42,000. By April 2022, the company’s financial statement revealed it had $1.261 billion in digital assets.
By the second quarter of 2022, Tesla had sold 75% of its bitcoin. Musk referenced the Covid-19 lockdowns in China and the importance of maximizing the company’s cash position as reasons for the sale. The financial results for the second quarter of 2023 mirror those of the two preceding quarters. In the fourth quarter of 2022 and the first quarter of 2023, Tesla maintained a balance of $184 million, with no significant gains or losses reported.
Most of the “digital assets” mentioned in the financial reports are assumed to be bitcoin, although Tesla also holds an immaterial amount of dogecoin (DOGE). Before Tesla sold 75% of its bitcoin cache, Musk made his bid to acquire Twitter, the social media company he now controls. Even though Musk sold 75% of Tesla’s bitcoin, the CEO stated that the electric vehicle company is “certainly open to increasing our bitcoin holdings in future.” To date, there have been no significant increases or decreases in Tesla’s financials related to bitcoin.
What do you think about Tesla’s decision to hold onto its bitcoin assets? Share your thoughts and opinions about this subject in the comments section below.
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