Q2 Tesla Maintains Bitcoin Holdings Despite Market Volatility

Tesla has announced in its latest Q2 update that it did not make any transactions involving Bitcoin during the second quarter of 2023, signaling a steadfast commitment to its cryptocurrency investments.

During Q2, Tesla's total Bitcoin holdings increased by $22 million, reaching $333 million.

Interestingly, Tesla's last significant Bitcoin transaction occurred in the same quarter of the previous year when it sold over 30,000 Bitcoin, approximately 75% of its holdings, for an astonishing $936 million.

In early 2021, Tesla made headlines by investing a staggering $1.5 billion in Bitcoin, making it one of the first major corporations to embrace cryptocurrencies as a legitimate store of value.

However, the company's subsequent decision to suspend Bitcoin payments for its vehicles due to environmental concerns raised doubts about the sustainability of cryptocurrencies and their impact on the environment.

Tesla continues to retain a significant portion of its initial investment.