Tesla (TSLA) held its bitcoin holdings unchanged in the second quarter, maintaining its treasury at 11,509 BTC as the cryptocurrency’s price fell 14% over the three-month period.
The electric car maker reported an after-tax impairment loss of $112 million on its digital asset holdings, according to its latest earnings release. Tesla has neither bought nor sold any bitcoin since 2022.
Bitcoin fell from around $83,000 at the start of the second quarter to around $58,000 by the end of June amid broader macroeconomic uncertainty and volatility across risk assets. The cryptocurrency recently traded at $65,840.
Tesla remains one of the largest publicly traded corporate owners of bitcoin, although its holdings are significantly smaller than companies like Strategy (MSTR), which have continued to aggressively accumulate the cryptocurrency.
The company’s crypto update came alongside mixed financial results for the second quarter. Tesla reported non-GAAP earnings per share at $0.33, missing analyst expectations of $0.55. Revenue came in at $28.2 billion, topping 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.
