Tesla keeps $184m Bitcoin stake after Q2 results

Tesla, for the fourth quarter in a row, left its position in digital gold unchanged. According to the April–June report, investments were valued at $184 million.

The carrying value remained unchanged for the second consecutive quarter.

Adjusted earnings per share for the second quarter came in at $0.91, beating the consensus estimate of $0.82. Revenue of $24.9 billion also surpassed economists’ expectations of $24.51 billion.

In after-hours trading, Tesla shares fell 3.7% as investors locked in gains. Since the start of the year, the automaker’s stock has surged about 136.5%.

During the analysts’ briefing, the topic of digital assets did not come up.

For 2022, the negative revaluation of Tesla’s BTC holdings on the balance sheet, 9,720 BTC amounted to $204 million.

According to Bitcoin Treasuries, the current loss on the position stands at $44 million (13%).

Back in February 2021, it emerged that the company invested $1.5 billion in bitcoin. Elon Musk described these investments ‘quite risky’.

By the end of the second quarter 2022, Tesla had converted roughly 75% of its own bitcoins into cash, which brought in $936 million. The operation’s profit amounted to $64 million, with impairment-adjusted net loss of $140 million.