Bitcoin News

Elon Musk’s Tesla Holds Its $1.3B Bitcoin Position in Q2

Elon Musk's Tesla Holds Its $1.3B Bitcoin Position in Q2

Tesla hasn’t sold any additional bitcoin, despite its concerns associated with bitcoin’s environmental impact.

No new sales

According to Tesla’s Q2 financial presentation on Monday, there were no new sales or purchases of digital assets. Bitcoin is worth $1.3 billion to the firm.

Tesla’s Bitcoin Assets

In February, Tesla announced that it had acquired $1.5 billion in bitcoin. Later in the first quarter, the business reduced its bitcoin holdings by 10%, boosting earnings by $272 million. Musk recently announced that SpaceX, one of his privately owned entities, owns bitcoin.

Tesla’s bitcoin assets were worth $23 million less than expected. This is because bitcoin is classified as an inventory asset, which implies its value is recorded according to Generally Accepted Accounting Principles at the lowest price bitcoin reached during the quarter.

Musk’s Polarizing Statements

Musk said in May that Tesla would no longer accept bitcoin as payment for its goods due to worries over bitcoin mining’s usage of coal and other fossil fuels. On the other hand, Musk stated earlier this month that bitcoin’s environmental profile is improving and that Tesla would most likely begin accepting bitcoin as payment.

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