Revealed, Tesla Absent from Bitcoin Transactions Since Mid-2022

Liputan6.com, Jakarta Electric car maker Tesla (TSLA) has not made Bitcoin transactions for two consecutive quarters.

Based on the company’s latest financial report, it shows that Tesla had digital assets worth USD 184 million as of June 30, the same amount as at the end of March 2023 and December 2022.

Tesla’s last significant change in digital asset holdings occurred in the last quarter of last year, when its holdings fell from USD 218 million to USD 184 million.

Previously, in July 2022, the company said it sold part of its Bitcoins for USD 936 million. The sale amounted to about three-quarters of the Bitcoin the company originally purchased in early 2021.

At the end of the second quarter of this year, the bitcoin price was roughly USD 30,400, up from around USD 28,500 at the end of the first quarter. However, current accounting rules do not allow valuation of digital assets to be increased when the price increases, unless the asset is sold, but can be reduced when the price decreases, even before the sale.

Launching Coindesk, Thursday (20/7/2023), Tesla has not bought or sold any bitcoins since the second quarter of last year.

The company initially bought USD 1.5 billion worth of bitcoins in early 2021, with CEO Elon Musk giving a boost to the bitcoin price, also saying Tesla would accept bitcoins as payment for his cars, which Musk eventually recalled.

The news of Tesla’s zero Bitcoin transactions comes with the company’s Q2 2023 financial report. In that period, Tesla reported adjusted earnings per share of USD 0.91, compared to a consensus analyst estimate of USD 0.80, according to FactSet.

Tesla’s revenue in the second quarter was recorded at USD 24.9 billion, exceeding analyst estimates of USD 24.2 billion.