Tesla's digital asset holdings remained unchanged, with $184 million worth of digital assets still included on its balance sheet as of Q2 2023.
Tesla’s Bitcoin Holdings on Balance Sheet Remained Unchanged
Tesla's digital asset holdings remained unchanged, with $184 million worth of digital assets still included on its balance sheet as of Q2 2023.
Due to accounting regulations that prevent unrealized gains on cryptocurrencies from being recorded, the value of the holdings remained unchanged throughout the quarter even though the price of Bitcoin increased by about 7%.
Tesla reported purchasing $1.5 billion in Bitcoin in February 2021 and selling almost 75% of its Bitcoin holdings in Q2 2022, bringing the entire value of digital assets on its balance sheet down to $218 million.
Tesla's CEO, Elon Musk, stated that the firm is open to boosting its Bitcoin holdings in the future during the company's earnings call in July 2022. Later, in Q4 2022, the corporation cut its holdings of digital assets from $218 million to $184 million, and it has remained at that level ever since.
Musk is known for his fondness for Dogecoin but has also said he's not advising anyone to buy crypto or bet the farm on Dogecoin.
