Alongside excellent results for its electric vehicle sales, Tesla held on to its Bitcoin holdings during the second quarter of 2023, according to its latest quarterly report. The value of its digital assets therefore remains unchanged, amounting to $184 million, as in the previous 3 quarters.
Tesla keeps its BTC
Following the release of its quarterly results on Wednesday, we learn that electric vehicle manufacturer Tesla neither bought nor sold Bitcoin in the second quarter of 2023.
As in the previous 3 quarters, the value of the digital assets held by the company remained unchanged at $184 million. It should be noted that when publishing their results, companies are not required to adjust the value of cryptocurrencies at a given point in time, but they must notify the corresponding value at the time of the initial purchase.
Tesla bought $1.5 billion worth of BTC at the start of 2021, which contributed significantly 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 derivatives in Bitcoin, but he has since reversed his decision.
Overview of Tesla’s quarterly report (in millions of dollars)
Tesla subsequently decided to sell 75% of its Bitcoin holdings in July 2022, selling 30,000 BTC for $936 million. The company has not touched its reserves since then.
As we can see from the Q&A session held on Tesla’s website following the publication of its results, a number of the US company’s customers wanted to know when it would accept Bitcoin payments again, although these questions remained unanswered. On this subject, Elon Musk had said that he would consider reinstating payments in BTC once its mining was running on at least 50% renewable energy.
At the same time, Tesla published a report showing that it had revenues of $25 billion in the second quarter alone. The company also talked about its work on artificial intelligence (AI) and Dojo, its supercomputer project aimed at developing the autonomy of its vehicles.
