Tesla Kept $184M in Bitcoin in Q2 2023

Tesla’s BTC position has remained unchanged for the fourth quarter in a row. Reports for April-June put investments at $184 million, with an estimated book value that has stayed the same for the last two quarters.

Adjusted EPS for Q2 was $0.91, higher than the predicted $0.82, while revenue ($24.9 billion) was greater than economists’ expectations ($24.51 billion).

Despite this, shares dropped 3.7% in the post-trading session due to profit-taking.

Year-to-date, the electric car manufacturer’s securities have risen 136.5%. No details of their assets were raised during the call with analysts.

The negative revaluation of the 9720 BTC held by the business on the balance sheet for Q2 2022 added up to $204 million; this has resulted in a loss of $44 million (13%) according to Bitcoin Treasuries.

February 2021 saw the company invest $1.5 billion in Bitcoin, which Elon Musk warned were ‘quite risky’.

By the end of Q2 2022, Tesla had cashed out roughly 75% of their BTC holding, generating revenue of $936 million. The total profit from the operation, despite impairment, was $64 million.