In Tesla’s second-quarter 2021 results, there’s a $23 million loss on its bitcoin holdings against record revenue of more than $1 billion.
The US-based company, which specializes in the production of electric cars, solar panels and energy storage systems, has released its Q2 2021 report.
According to the data, it appears that demand for its electric vehicles has soared to a record 98% (year-on-year) growth in revenue.
In this regard, Tesla claims to have broken new records, producing and delivering over 200,000 vehicles. The result was an 11% operating margin achievement and exceeding $1 billion in net income for the first time in their history.
Even in terms of shares, Tesla generated quarterly profits of $1.02 per share. In contrast, the report also mentions losses. However, it seems that the loss on its BTC holdings of $23 million was not due to any trading activity, but simply to the decline in the price of the queen of cryptocurrencies.
Tesla HODLER of bitcoin: no selling of the crypto during the price drop
The green energy giant’s record earnings numbers offset the performance of the crypto market, which suffered its price drop in the second quarter.
The amount of loss related to that drop for Tesla is $23 million on its bitcoin holdings. A “loss” that is still potential, as the company is acting as a true HODLER of bitcoin.
In fact, the report also shows that Tesla did not buy or sell any digital assets in Q2. Tesla’s only cryptocurrency purchase remains that of $1.5 billion in BTC in Q1, grossing $272 million during the same quarter.
This is a confirmation in numbers of what Tesla’s CEO, the infamous Elon Musk, had already declared last April, responding to a provocative tweet as follows:
No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.
— Elon Musk (@elonmusk) April 26, 2021
“No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet”.
Meanwhile, Bitcoin had a 15% price pump yesterday that saw it touch $40,000 again.
According to analysts, following this morning’s retracement to $38,000 and $37,000, should the price fail to confirm a new breakout above $40,000, then the odds of retests of $35,000 and $32,000 on each chart could become more likely.
The post Tesla: $1 billion in record revenue vs. losses in BTC appeared first on The Cryptonomist.
