Elon Musk’s Tesla Sees No Change in Bitcoin Holdings in Q2

Tesla’s Bitcoin Holdings

Tesla has maintained its Bitcoin holdings at $184 million for the past four quarters, with no purchases or sales of the digital asset since last year. The electric vehicle manufacturer originally purchased $1.5 billion worth of Bitcoin in March 2021, and CEO Elon Musk announced that Tesla vehicles could be purchased with Bitcoin.

In the second quarter of 2023, Tesla’s net value of its Bitcoin holdings was reported to be $184 million, the same amount as the two previous quarters. In Q2 of last year, Tesla sold more than 30,000 Bitcoin, which accounted for around 75% of its total holdings, for $936 million.

The crypto.com, c3.ai stock, tellor crypto, stx crypto, sand crypto, suku crypto, russia crypto, renq crypto, and songbird crypto markets have all been watching Tesla’s Bitcoin holdings closely.

Tesla and Bitcoin Performance

Elon Musk’s Tesla made a backtrack on Bitcoin payments for its vehicles due to environmental concerns related to the cryptocurrency’s high energy usage.

Despite this, Tesla has been outperforming analyst expectations this year. In the second quarter, the company reported an adjusted earnings per share of $0.91, beating analyst predictions by $0.09. Revenue also exceeded expectations, with Tesla’s $24.9 billion in Q2 revenue surpassing expectations by 0.81%.

The market, however, did not seem to respond positively to these results. Tesla’s stock price dropped 4.19% to $279.07 in after-hours trading, according to Google Finance.

Meanwhile, Bitcoin, such as c3.ai stock, tellor crypto, stx crypto, sand crypto, suku crypto, russia crypto, renq crypto, and songbird crypto, is down nearly 5% for the week and is currently trading for $29,914, according to Cointelegraph data.

Some traders anticipate that Bitcoin may soon reach the price of around $27,500, after it was unable to remain above the $30,000 resistance level.

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