Tesla Inc, the largest electric vehicle manufacturer in the world, has maintained the same crypto holdings for a fourth consecutive quarter. In the earnings report for the second quarter of 2023, the EV giant revealed that it held $184 million worth of digital assets on its balance sheet as of June 30, 2023.
Tesla Stock (TSLA) Tanks 3% Ahead Of Q2 Earnings Report
According to the earnings report released by Tesla earlier today, no crypto assets were bought or sold in the second quarter of 2023. The last sale came in the second quarter of 2022 when the EV giant sold 75% of its Bitcoin holdings for $936 million. The latest numbers indicated that the company didn’t cash in on the recent BTC rally that took its price to a 1-year high of $31,000. The company’s share price dropped nearly 3% earlier today. The stock was trading at $291 at market close.
Tesla’s crypto holdings have remained consistent since the last quarter of 2022. Until September 30, 2022, the carmaker held $218 million worth of digital assets on its balance sheet. The company’s first Bitcoin purchase came in early 2021 when it spent a whopping $1.5 billion on the flagship cryptocurrency. This was followed by a rally in BTC’s price after CEO Elon Musk indicated that customers could purchase his electric vehicles by paying in BTC. However, the ambitious plan was abandoned after Musk cited environmental concerns associated with BTC.
Tesla and Elon Musk are currently facing a class action lawsuit filed by investors of Dogecoin. The investors are accusing Musk and his EV company of manipulating the price of the meme token and netting billions at their expense. The lawsuit cited a series of crypto wallets allegedly owned by Tesla; however, the latest response by claimed that his EV company was not associated with the wallets listed in the complaint.
