Elon Musk’s Tesla didn’t buy or sell any bitcoins for the fourth consecutive quarter in the second quarter

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Electric car maker Tesla (TSLA) did not buy or sell bitcoin for the fourth consecutive quarter of the second quarter of 2023, the company said in its earnings release Wednesday after the market closed.

The net worth of its digital assets at the end of the quarter was $184 million, the same as in the past three quarters. At the end of the second quarter, the price of bitcoin was around $30,400, compared to around $28,500 at the end of the first quarter. However, current accounting rules do not allow the valuation of digital assets to increase when prices rise unless the assets are sold, but they can be reduced when prices fall, even before a sale.

Tesla hasn’t bought or sold any bitcoins since the second quarter of last year, when it sold over 30,000 bitcoins, or about 75% of its holdings, for $936 million. The company originally purchased $1.5 billion worth of bitcoin in early 2021, with CEO Elon Musk giving bitcoin prices a boost by also saying Tesla would accept bitcoin as payment for its cars, which Musk said. finally backtracked.

For the second quarter, Tesla reported adjusted earnings per share of $0.91, versus analysts’ consensus estimate of $0.80, according to FactSet. Revenue of $24.9 billion beat analysts’ estimates of $24.2 billion.

The shares rose 1% to $288.96 in after-hours trading. Shares are up more than 136% this year.

CORRECTION (July 19 20:28 UTC): An earlier version of the story incorrectly stated that Tesla’s second-quarter adjusted earnings per share were $0.78, down from $0.91.

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