Tesla’s $184M Bitcoin Holdings Remain Unchanged Despite Record Profits

The company’s ownership of digital assets has remained unchanged since the conclusion of Q1 2023, according to Tesla’s Q2 2023 investor report, which was made public on July 19.

Tesla’s digital asset holdings have been on a downward trend in recent months. The company’s digital asset holdings were $184 million as of June 30, 2023, down from $218 million at the end of March 2023 and $936 million in July 2022. The company’s decision to sell a portion of its Bitcoin in July 2022 was likely due to the sharp decline in the price of Bitcoin at the time.

The public is still very interested in Tesla’s cryptocurrency strategy even though the company’s Bitcoin holdings remain unchanged. In the company’s Q&A submission form, several investors asked if Tesla plans to resume accepting Bitcoin payments. CEO Elon Musk previously said that he would re-enable this policy if Bitcoin mining became 50% reliant on renewable energy. It is unknown if Musk or the other executives responded to those inquiries during the results call.

Tesla’s latest earnings report was a mixed bag. The company reported record revenues of $25 billion in Q2, but its Bitcoin holdings remained unchanged. Tesla also highlighted its work on AI in the report, including its Dojo training computers.

I am Vishal. I post articles about the cryptocurrency markets. I'm pursuing a BBA degree. My home is in Navi Mumbai, Maharashtra.I'm constantly interested in new advancements in this industry and I learn something new about it every day. I would love to share such information with you all.

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