Tesla maintains $184m BTC holdings amidst record revenue


Tesla maintains its digital asset holdings at $184 million worth of Bitcoin for the fourth consecutive quarter, with no sales or additions reported.

According to the shareholder deck presented on July 19, Tesla’s digital asset holdings remained at $184 million on June 30. The firm held the same amount between March 2023 and December 2022.

The company’s last significant change in digital asset holdings occurred in the final quarter of 2022. Back then, it decreased from $218 million to $184 million. In July 2022, Tesla sold a significant portion of its Bitcoin for $936 million, representing about 75% of its purchase in February 2021.

Although Tesla’s Bitcoin holdings have remained stagnant, there continues to be significant public interest in the company’s cryptocurrency policy. In the firm’s Q&A submission form, numerous investors have inquired about Tesla’s potential acceptance of Bitcoin purchases.

CEO Elon Musk pledged to reconsider this payment method if at least 50% of Bitcoin mining relies on renewable energy. However, whether Musk or other executives addressed these questions during the earnings call remains unclear.

Tesla’s Q2 revenue hits record high

Besides the unchanged Bitcoin holdings, Tesla’s most recent report stands out due to recording $25 billion in revenues during Q2. The company’s report also emphasized its advancements in artificial intelligence, showcasing its Dojo training computers and their contributions to Tesla’s technological prowess.

Despite beating expectations, the market seemingly failed to register much in the way of a positive response. Tesla’s stock experienced a 0.71% decline during regular trading hours and a further 4.90% drop after hours.

According to reports, the dip in stock prices can be attributed to Musk and other executives failing to provide specific details and timelines for upcoming vehicle releases. Additionally, Tesla’s Q3 manufacturing output is expected to decrease due to factory upgrades and shutdowns.

In another related development, senator Elizabeth Warren has raised concerns over potential conflicts of interest between Tesla and Twitter. The matter has come into the spotlight after Tesla’s CEO, Elon Musk, acquired Twitter in October 2022.

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