Saad Ullah
Tesla maintained its Bitcoin (BTC) holdings at 9,720 coins in Q2 while surpassing revenue expectations with $25.5 billion.
Tesla's BTC Holdings Unchanged in Q2
Electric vehicle maker Tesla did not engage in any Bitcoin (BTC) transactions during the second quarter, as revealed in its latest earnings report. This marks the eighth consecutive quarter without Bitcoin sales or purchases, maintaining its stash at approximately 9,720 Bitcoins, currently valued at $640 million.
Tesla’s last significant Bitcoin transaction occurred in Q2 2022, when the company sold over 30,000 Bitcoins for $936 million, representing roughly 75% of its holdings at the time. The initial investment in Bitcoin was made in early 2021, amounting to $1.5 billion. These Bitcoins were acquired at an aggregate cost of around $337 million.
Tesla Exceeds Revenue Expectations
In its second-quarter financial report, Tesla reported a total revenue of $25.5 billion, surpassing the anticipated $24.63 billion. According to Generally Accepted Accounting Principles (GAAP), the company's net profit was $1.5 billion, complemented by a free cash flow of $1.34 billion.
Despite the robust revenue performance, Tesla reported weaker-than-expected earnings for the second quarter due to a drop in automotive sales for the second consecutive period. This news caused the stock to slide more than 8% in extended trading. The company noted record regulatory credit revenues in Q2, attributing this to other automakers falling behind on emissions requirements.
Musk Announces Robotaxi Delay
During a conference call, CEO Elon Musk announced a delay in the launch of Tesla's autonomous taxi service, Robotaxi. Initially scheduled for August 8, the new launch date is now set for October 10. Musk expressed confidence, stating, "I would be shocked if we cannot do it next year," while also acknowledging his past optimism.
Musk has reportedly planned to pledge about $45 million a month to a newly formed political action committee supporting former President Donald Trump. However, as of the end of June, he had yet to donate to that group. Musk posted on X, dismissing the report as ‘fake news.’ Following an assassination attempt at a political rally on July 13, Musk publicly endorsed Trump.
Conclusion
Trump's popularity has been rising among the crypto community, as his stance on cryptocurrencies has recently become more favorable. Previously critical of Bitcoin as a “scam,” Trump declared on June 14 that he would end the Biden administration’s “war on crypto” if elected president.
A Harris Poll survey revealed that one in three US voters considers a candidate’s position on cryptocurrencies before voting. Additionally, a survey by crypto venture capital firm Paradigm indicated significant support for Trump within the crypto community for the 2024 Presidential Election.
Saad Ullah
