Elon Musk’s Tesla Maintains $ 1.3 Billion Bitcoin Position In Q2

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Despite recent concerns about the environmental impact of bitcoins, Tesla has no longer sold bitcoins.

Electric vehicle company Elon Musks did not report any new sales or purchases of digital assets, according to its second quarter earnings presentation on Monday. The company holds $ 1.3 billion in bitcoin.

Tesla announced in February that it had bought $ 1.5 billion worth of bitcoin. Later in the first quarter, the company reduced its bitcoin position by 10%, a sale that boosted first quarter profits by $ 272 million. Recently, Musk also revealed that one of his private companies, SpaceX, holds bitcoin.

Tesla reported a $ 23 million depreciation on its bitcoin holdings. This is because bitcoin is considered an inventory asset, which means that according to generally accepted accounting principles, its value is recorded at the lowest bitcoin price during the quarter.

In May, Musk announced that Tesla would no longer accept bitcoin for its products due to environmental concerns over the use of coal and other fossil fuels in bitcoin mining. Earlier this month, however, Musk said bitcoin’s environmental profile was improving and Tesla would likely start accepting bitcoin for payments again.

This is a developing story and will be updated.

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