• Tesla released their quarterly earnings report for Q2 FY23, which revealed record revenues and healthy margins.
• In Q2 2022, Elon Musk sold off 75% of Tesla’s Bitcoin holdings in order to free up liquidity due to the worldwide economic crisis.
• Despite this, Tesla has not sold any Bitcoin since then and is still holding onto its remaining BTC.
Tesla’s Q2 Earnings Report
Tesla recently published their Q2 FY23 earnings report, revealing that they had achieved record revenue and healthy profit margins. The company earned $24.9 billion in the second quarter of 2023, representing a 47% increase in profit year-over-year compared to the previous quarter.
Sale of BTC Assets
In Q2 2022, Elon Musk decided to sell off 75% of Tesla’s Bitcoin holdings as a way to free up liquidity due to the worldwide economic crisis at the time. This decision was made purely out of necessity rather than as part of a pump and dump scheme, as some anxious investors had feared. Furthermore, none of Tesla’s Dogecoin holdings were sold either.
No Sale Since Then
Since then, however, there have been no signs that Tesla has sold any more Bitcoin from its wallets. This could mean that the company is still holding onto its remaining BTC assets despite having freed up some much needed liquidity during the crisis last year.
Significance for Crypto Space
This news is significant for both Tesla and the crypto space in general; it shows that even during times of economic hardship and volatility, companies like Tesla are willing to make long term investments in digital assets such as Bitcoin and Dogecoin rather than opting for short term profits or liquidations when times get tough. It also reinforces Musk’s commitment towards cryptocurrency adoption as well as his faith in blockchain technology going forward into the future.
Overall, it appears that despite selling off some BTC last year due to liquidity constraints caused by an ongoing global pandemic, Tesla has not sold any more cryptocurrency since then – thus indicating a strong belief in digital assets by one of world’s most influential companies despite market volatility or other external pressures which may arise over time.