After selling 75% of its BTC holdings in Q2 2022, Tesla continues to keep its $184 million in BTC untouched.
The electric vehicle giant, Tesla, continues its unwavering stance in maintaining its Bitcoin (BTC) holdings, despite market volatility.
The firm's second-quarter reports for 2023 revealed no alterations in its digital asset portfolio, which remains valued at $184 million.
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The Silicon Valley-based EV manufacturer kept its Bitcoin holdings steady, not changing its stance from the previous two quarters.
With the remaining $184 million in Bitcoin holdings left untouched, Tesla continues to exemplify the concept of "diamond hands" in the crypto market, a term often associated with a steadfast hold on volatile assets.
It is worth noting that in Q2 2022, Tesla sold almost 75% of its Bitcoin holdings for $926 million.
Initially, Tesla stepped its foot into the crypto world in March 2021 with a staggering $1.5 billion investment in Bitcoin. Following this daring move, Elon Musk, Tesla's CEO, sparked enthusiasm by announcing the company's intention to accept Bitcoin as a payment option for their electric vehicles.
However, the initial thrill surrounding Bitcoin's integration into Tesla's payment system was short-lived. In a turn of events, Musk halted the initiative, citing Bitcoin mining's high energy consumption.
Tesla's financial performance in the second quarter of 2023 was rather significant. The company reported adjusted earnings per share at $0.91, surpassing the projected forecasts by $0.09. Furthermore, Tesla's impressive Q2 revenue hit $24.9 billion, exceeding anticipated targets by 0.81%.
Despite these financial accomplishments, the market's response seemed muted. According to the Nasdaq data, Tesla's stock price experienced a decline of 0.71%, landing at $291.26 after July 19th market was closed.
The Bitcoin market wasn't untouched by fluctuation either. Based on the BitDegree data, the leading cryptocurrency dipped over 1% over the week. Bitcoin's current trading price stands at $30,005.77.
Tesla's unchanging Bitcoin holding stance, coupled with exceptional financial performance, leaves room for much speculation. The market response to these achievements seems unexpectedly muted, reminding us that financial markets can be unpredictably inconsistent, reflecting the inherent volatility of the digital asset space.
