The value of Tesla’s bitcoin assets now remains at $184 million.
The company sold more than 30,000 bitcoins worth $936 million in the second quarter of 2022. The company originally bought $1.5 billion worth of BTC in early 2021. At the time, CEO Elon Musk said Tesla would accept bitcoins as payment for cars. But then abandoned the idea.
In early 2021, BTC was at $46,000, and by November 2021, it hit a record high of $69,000.
For the second quarter of 2023, Tesla reported adjusted EPS of $0.91 versus analysts’ consensus forecast of $0.80. Revenue of $24.9 billion beat analysts’ estimates ($24.2 billion).
Tesla recorded a $204 million loss in 2022 from the decline in the price of cryptocurrencies, but the company managed to generate $64 million in bitcoin conversion transactions.
Musk has said he does not own the cryptocurrency wallets allegedly used for DOGE cryptocurrency transactions. Earlier in June, investors filed a lawsuit in Manhattan federal court claiming Musk used his online influence to manipulate the price of the meme cryptocurrency Dogecoin.