Tesla (TSLA) held its bitcoin holdings unchanged in the course of the second quarter, sustaining its treasury of 11,509 BTC because the cryptocurrency’s value declined 14% over the three-month interval.
The electrical automobile maker reported an after-tax impairment lack of $112 million on its digital asset holdings, in line with its newest earnings launch. Tesla has neither purchased nor offered any bitcoin since 2022.
Bitcoin fell from about $83,000 initially of the second quarter to roughly $58,000 by the tip of June amid broader macroeconomic uncertainty and volatility throughout threat belongings. The cryptocurrency was lately buying and selling at $65,840.
Tesla stays one of many largest publicly traded company holders of bitcoin, although its holdings are considerably smaller than these of companies corresponding to Technique (MSTR), which has continued to aggressively accumulate the cryptocurrency.
The corporate’s crypto replace got here alongside combined second-quarter monetary outcomes. Tesla reported non-GAAP earnings per share of $0.33, lacking analyst expectations of $0.55. Income got here in at $28.2 billion, topping consensus estimates of $27.6 billion.
Gross margin was 16.8%, whereas GAAP web earnings totaled $1.11 billion. The corporate additionally reported detrimental free money circulate of $1.1 billion for the quarter.