Tesla’s latest update for Q2 2023 reveals that the renowned American electric car and clean energy company has chosen to retain its bitcoin (BTC) and cryptocurrency holdings, abstaining from any sales during the previous quarter. This marks the third consecutive quarter in which Tesla has maintained a digital asset portfolio valued at approximately $184 million.
Following the conclusion of the market on Wednesday, July 19, 2023, Tesla, the electric vehicle manufacturer, released its financial results for the second quarter. Throughout this period, Tesla successfully manufactured 480,000 vehicles and delivered 466,000. Tesla’s Q2 2023 update highlighted that “Q2-2023 was an exceptional quarter in numerous aspects, featuring our highest-ever production and deliveries, with revenue nearly reaching $25 billion in a single quarter.”
Aside from experiencing a favorable second quarter in spite of the prevailing “macroeconomic environment,” Tesla’s Q2 financial report affirms its decision to refrain from selling any bitcoin. Led by Elon Musk, the electric vehicle company initially possessed $1.31 billion in digital currencies as of June 2021. Musk hinted that the amount of bitcoin held was approximately “close” to 42,000. As of April 2022, the company’s financial statement disclosed a digital asset value of $1.261 billion.
By the second quarter of 2022, Tesla had sold 75% of its bitcoin, citing reasons such as the Covid-19 lockdowns in China and the imperative of bolstering the company’s cash position. The financial results for Q2 2023 align with those of the preceding two quarters, as Tesla maintained a steady balance of $184 million, reporting no significant gains or losses.
While most of the “digital assets” referred to in the financial reports are presumed to be bitcoin, it is worth noting that Tesla also holds a negligible amount of dogecoin (DOGE). Prior to Tesla’s 75% bitcoin sale, Musk had made an attempt to acquire Twitter, the social media company he currently oversees. Despite reducing Tesla’s bitcoin holdings, Musk mentioned that the electric vehicle company remains “open to potentially increasing our bitcoin holdings in the future.” To date, there have been no substantial fluctuations in Tesla’s financials concerning bitcoin.
Frequently Asked Questions (FAQs) about Bitcoin portfolio
Q: What does Tesla’s Q2 2023 report reveal about its bitcoin holdings?
A: Tesla’s Q2 2023 report indicates that the company has chosen to hold onto its bitcoin and cryptocurrency holdings, refraining from selling any during the quarter. The report shows that Tesla has maintained a digital asset portfolio worth approximately $184 million for the third consecutive quarter.
More about Bitcoin portfolio
- Tesla Q2 2023 Update
- Tesla’s Bitcoin Holdings
- Elon Musk’s Twitter
- Tesla Financial Reports