Tesla kept its Bitcoin reserve unchanged during the second quarter, holding 11,509 BTC despite a 14% decline in Bitcoin’s price during the period. The company’s latest financial results delivered mixed signals, with revenue beating expectations while earnings came in below analyst forecasts.
According to its quarterly earnings report, Tesla recorded an after-tax impairment loss of $112 million tied to its digital asset holdings. The company has not purchased additional Bitcoin or sold any of its holdings since 2022.
Bitcoin fell from roughly $83,000 at the beginning of the quarter to about $58,000 by the end of June as broader market uncertainty and weakness across risk assets weighed on prices. The cryptocurrency has since recovered and was recently trading near $65,840.
Tesla continues to rank among the largest publicly traded companies with Bitcoin exposure, though its holdings remain far below those of Strategy, which has continued to build its corporate Bitcoin treasury through aggressive accumulation.
The Bitcoin update was included alongside Tesla’s uneven second-quarter performance. The company posted adjusted earnings per share of $0.33, below the $0.55 expected by analysts. Revenue reached $28.2 billion, exceeding the projected $27.6 billion.
Tesla reported a gross margin of 16.8% and GAAP net income of $1.11 billion. The company also posted negative free cash flow of $1.1 billion for the quarter.
Under existing accounting rules, companies that hold digital assets must record impairment charges when the value of their crypto holdings declines. Although Bitcoin rebounded from its late-June lows and returned near $65,840, Tesla’s reported impairment reflects the lower market value of its holdings during the quarter.
The company’s Bitcoin position has remained stable for almost four years. Tesla initially purchased $1.5 billion worth of Bitcoin in early 2021 and briefly accepted the cryptocurrency as a payment option for vehicles before discontinuing the initiative due to environmental concerns.
In 2022, Tesla sold approximately 75% of its Bitcoin holdings during a market downturn but retained its remaining 11,509 BTC, which it continues to hold today.
