Tesla has held onto its remaining $184 million worth of Bitcoin for the fourth consecutive quarter, as indicated in its second-quarter 2023 financial report released on July 19. The electric carmaker's net Bitcoin holdings have remained unchanged sin ce the second quarter of last year when it sold more than 30,000 Bitcoins, representing about 75% of its total holdings, for $936 million. Tesla had initially purchased $1.5 billion worth of Bitcoin in March 2021, with CEO Elon Musk announcing plans to accept Bitcoin as payment for Tesla vehicles shortly after .
However, Musk later reversed the decision to accept Bitcoin payments for Tesla vehicles, citing environmental concerns due to the cryptocurrency's high energy consumption. Despite this, Tesla has been outperforming analysts' expectations this year, reporting adjusted earnings of $0.91 per share, surpassing forecasts by $0.09. The company's second-quarter revenue of $24.9 billion also exceeded expectations by 0.81%. Despite beating expectations, the market's response was not overwhelmingly positive, as Tesla shares fell 4.19 percent to $279.07 in after-hours trading.
Bitcoin's value has declined by nearly 5 percent this week, currently trading at $29,914. Some traders predict that Bitcoin prices might revisit around $27,500 in the coming days after failing to hold above the $30,000 resistance level. As of the second quarter of 2023, Tesla's Bitcoin Holdings have remained steady, with no purchases or sales made during this period. This suggests a conservative approach to its digital holdings despite its previous significant Bitcoin investment.
