Tesla Reports No Bitcoin Activity in Q2 2023
Tesla announced in its Q2 2023 earnings release that it did not buy or sell any bitcoin for the fourth consecutive quarter. The company’s bitcoin holdings remained at a value of $184 million, the same as the previous three quarters. The price of bitcoin increased from $28,500 to $30,400 during the second quarter, but accounting rules prevent the increase in valuation unless the assets are sold. Tesla sold a significant portion of its bitcoin holdings in last year’s second quarter, but has not made any transactions since then.
Key Points:
- Tesla did not buy or sell any bitcoin in Q2 2023.
- The value of Tesla’s bitcoin holdings remained at $184 million.
- Accounting rules prevent the increase in valuation of digital assets unless they are sold.
- Tesla sold a large portion of its bitcoin holdings in last year’s second quarter.
- Tesla reported adjusted earnings per share of $0.91 for the second quarter.
Hot Take:
Tesla’s decision to hold onto its bitcoin holdings without making any transactions in Q2 2023 suggests a cautious approach to the cryptocurrency market. Despite the price increase of bitcoin, Tesla has not taken advantage of the opportunity to increase the value of its digital assets. This decision may be influenced by accounting rules and the company’s previous sale of a significant portion of its bitcoin holdings. It will be interesting to see if Tesla’s stance on bitcoin changes in the future.
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