Today, Tesla, Elon Musk’s pioneering automotive and clean energy company, confirmed that it had neither purchased nor sold any of its $333,000,000 Bitcoin (BTC) in the second quarter of 2023. The information was made public in the company’s Q2 update, indicating a steady approach towards their Bitcoin assets.
Impact on Gross Margin and Share Prices
The update also revealed that Tesla’s gross margin had dipped in the second quarter compared to the first three months of the year. This reduction has the potential to impact Tesla’s strategies to bolster sales via price reductions.
Despite the static nature of Tesla’s Bitcoin holdings, the total value rose from Q1’s $321,000,000 BTC by 22 million. This follows the company’s decision in the second quarter of last year to sell more than 30,000 bitcoins, accounting for approximately 75% of its holdings, for a total of $936 million. Tesla originally invested $1.5 billion in Bitcoin in early 2021.
As for Tesla’s shares, they experienced a 1% fluctuation to reach $288.96 in after-hours trading. So far this year, the shares have shown an impressive growth of more than 136%.
