Tesla’s Bitcoin: Crypto Holding Remains Unchanged For Q2

• Tesla’s Bitcoin holding remains unchanged since Q1 last year, according to the company’s latest financial earnings report.

• The value of the company’s crypto holding also remains the same for the second straight quarter, as BTC’s price remains flat from the last report.

• In total, Elon Musk’s car company owns about 43,200 BTC, which were purchased in February 2021.

The value of Tesla’s Bitcoin holding remains unchanged for the second straight quarter. The electric car maker released its quarterly earnings report on Wednesday, which showed that it holds $1.26 billion worth of Bitcoin.

The company has failed to sell or buy additional cryptocurrency assets since last year’s third quarter. It did, however, report an impairment of $51 million when the value of the cryptocurrency declined in the middle of last year.

Accounting rules for digital assets mandate that companies report losses in digital assets on their balance sheet after every quarter. However, if the price of the digital asset increases, it is not to be reported as a gain on the balance. Gains from digital assets can only be shown on the balance sheet after the sale of the asset.

Read also: Bitcoin Interest Falls Off as Google Searches Crash to Lowest Levels Since 2020

Tesla’s Bitcoin investment began with a $1.5 billion investment in February 2021. Later in Q1 of the same year, the company sold 10% of its holdings. The sale boosted the quarter’s earnings by $272 million. Since then, however, the company’s crypto holding has remained untouched.

In total, Tesla owns about 43,200 BTC, making it the second-largest crypto holder among corporate companies. However, its Bitcoin portfolio pales in comparison to Microstrategy. The data analytics firm holds $5.2 billion worth of BTC, according to Bitcoin Treasuries.

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