Tesla (TSLA) held on to its bitcoin its holdings remained unchanged during the second quarter, maintaining its cash position at 11,509 BTC as the cryptocurrency’s price fell 14% over the three-month period.
The electric vehicle maker reported an after-tax impairment loss of $112 million on its digital asset holdings, according to its latest earnings release. Tesla has not bought or sold bitcoin since 2022.
Bitcoin fell from around $83,000 at the start of the second quarter to around $58,000 at the end of June, amid broader macroeconomic uncertainty and volatility in risk assets. The cryptocurrency was recently trading at $65,840.
Tesla remains one of the largest publicly traded companies holding Bitcoin, although its holdings are significantly smaller than those of companies such as Strategy (MSTR), which has continued to aggressively accumulate the cryptocurrency.
The company’s crypto update was accompanied by mixed financial results in the second quarter. Tesla reported non-GAAP earnings per share of $0.33, missing analysts’ expectations of $0.55. Revenue came in at $28.2 billion, beating consensus estimates of $27.6 billion.
Gross margin was 16.8%, while GAAP net income was $1.11 billion. The company also reported negative free cash flow of $1.1 billion for the quarter.
