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Once again, Tesla has chosen to maintain its Bitcoin reserve without selling or purchasing additional cryptocurrency. The digital wallet of the electric car giant remains untouched, valued at approximately $184 million, a consistent number for the past four quarters.
The second quarter of 2023 came to an end on July 19, revealing Tesla's steady Bitcoin portfolio. No activity has been reported since the second quarter of 2022, when the company sold off around 30,000 Bitcoins. This transaction, which accounted for about 75% of its entire cryptocurrency reserve, amounted to $936 million.
Backtracking to March 2021, Tesla initiated its Bitcoin journey by investing a whopping $1.5 billion. The company's CEO, Elon Musk, soon after announced the acceptance of Bitcoin payments for Tesla vehicles.
Nevertheless, Musk's enthusiasm for the cryptocurrency dimmed as the environmental impact of Bitcoin's high energy consumption became apparent. As a result, the billionaire mogul paused Bitcoin payments, a decision causing much stir in the crypto community.
In other news, Tesla's financial performance this year has outstripped many analysts' predictions. The company's adjusted earnings per share were reported at $0.9, surpassing the expected earnings by $0.09. Likewise, Tesla's Q2 revenue of $24.9 billion outdid anticipated figures by 0.8%.
However, this superior performance hasn't elicited much positive response from the market. Post-trading hours saw a 4.2% drop in Tesla's share price, falling to $280.07 according to Google Finance. Bitcoin also experienced a rough week, seeing a nearly 5% drop, resulting in a current value of $29,920.
Looking ahead, some market participants predict Bitcoin's value could further descend to approximately $27,500 in the upcoming days, given its struggle to stay above the critical $30,000 threshold.
