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July 20, 2023 03:29 | 2 minute read
Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk was surprised in early 2021 when the company revealed in its 10-K report for fiscal year 2020 that it had invested a total of $1.5 billion dollars in cash in Bitcoin (NYSE:BTC).
The company has also left open the possibility of acquiring and holding digital assets from time to time or for the long term.
Sticking to the status quo: Tesla did not make any Bitcoin transactions, or buy or sell transactions, in the second quarter, according to the earnings release. The balance sheet showed that as of June 30, 2023, he had digital assets, net, of $184 million, the same as in the previous two quarters.
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Chief Financial Officer Zachary Kirkhorn said on the second-quarter 2022 earnings call that the company sold “a bunch of our bitcoin holdings,” attributing the action to uncertainty surrounding the easing of COVID-19 lockdowns. 19 in China.
“So it was important for us to maximize our cash position, given the uncertainty of the COVID lockdowns in China,” he said then.
The executive, however, said the company is willing to increase its Bitcoin holdings in the future. He also suggested that the selloff does not represent the company’s bearish trend in crypto.
See also: How to buy Bitcoin
Tesla executives gave no details about the company’s digital assets during Wednesday’s earnings call.
Musk A Doge Guy: Musk, although positive about cryptocurrencies in general, expressed his preference for Dogecoin (CRYPTO:DOGE).
He said in a 2021 Times interview that Doge has better transaction value than Bitcoin. He noted that the transactional volume of Bitcoin is low, while the transaction cost is high.
Bitcoin rose 8.7% in the second quarter as risky mood gripped the financial market as the US Federal Reserve was expected to take a break.
At last check, Bitcoin was up 0.21% at $30,161.19, according to data from Benzinga Pro.
Read next: Ahead of Q2 results, Tesla attracts Japan’s No. 1 automaker to NACS charging club
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