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Tesla Inc. TSLA recorded paper losses on its Bitcoin (CRYPTO: BTC) holdings for the third straight quarter, but did not sell any, according to its earnings release on Wednesday.
Tesla Takes BTC Losses in Bear Market
As of March 31, the EV giant held $674 million in digital assets, down 45% year-over-year and 14.24% from the previous quarter.
Tesla reported $112 million in paper losses on cryptocurrency investments, marking three straight quarters of red ink.
The Elon Musk-led company does not publish a breakdown of its cryptocurrency holdings. Instead, all investments are grouped under the “digital assets” line item.
On-chain analytics firm Arkham Intelligence reports that its stockpile consists solely of Bitcoin. Its stash of 11,509 BTC remained unchanged from the last quarter.
Moreover, the 14.24% decline in the value of digital assets is consistent with Bitcoin’s decline in the second quarter.
The firm once accepted Bitcoin as a payment option for its vehicles before ending the practice over concerns about energy consumption in Bitcoin mining.
Tesla stood as the twelfth-largest corporate holder of Bitcoin, according to BitcoinTreasuries.net. Strategy Inc. MSTR remains the biggest, sitting on a stockpile worth over $55 billion.
Revenue Beat, Earnings Miss
Tesla reported second-quarter revenue of $28.24 billion, beating analyst estimates, but fell short of earnings expectations.
The company said it hit $100 billion in trailing twelve-month revenue for the first time in history in the second quarter.
Price Action: At the time of writing, BTC was exchanging hands at $65,795.39, down 0.92% over the last 24 hours, according to data from Benzinga Pro.
Tesla shares fell 4.13% in after-hours trading after closing 1.30% lower at $374.01 during Wednesday’s regular trading session. Year-to-date, the stock has plunged 16.83%.
Benzinga’s Edge Stock Rankings show the TSLA stock underperforming across short-, medium-, and long-term trends.
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This article Elon Musk's Tesla Held on to Bitcoin Stockpile in Q2 Despite $112 Million in Paper Losses originally appeared on Benzinga.com.
