Tesla ended Q2 2024 with its Bitcoin stash untouched, still holding 11,509 BTC, even as a 14% price drop forced the company to book a $112 million after-tax impairment loss on its digital asset portfolio. The carmaker has not bought or sold a single coin since 2022.
The quarter was rough for crypto broadly. Bitcoin slid from around $83,000 in early April to roughly $58,000 by late June, battered by macroeconomic jitters and geopolitical noise. Accounting rules required Tesla to mark down the value at quarter-end, even though BTC later bounced back. By the time the earnings report landed, Bitcoin was trading near $65,635, with a 24-hour volume of $30.11 billion and a market cap of $1.32 trillion.
Earnings took a hit, but the position didn't move
Tesla's Q2 financials were a mixed bag. Adjusted EPS came in at $0.33, about 20% below analyst estimates. Revenue hit $28.2 billion, beating forecasts by 5%, while gross margins landed at 16.8%. GAAP net income was $1.11 billion, offset by negative free cash flow of $1.1 billion. The $112 million impairment charge was a pure accounting effect: it reflects prices recorded before June 30, not what the coins are worth today, and it doesn't change how many Bitcoin Tesla actually holds.
Tesla's original Bitcoin bet dates to early 2021, when it put $1.5 billion into the asset and briefly accepted it as payment for vehicles before walking that back over environmental concerns. It then sold 75% of its holdings in 2022 and has sat on the remainder ever since. Compared to Strategy, which has been steadily stacking BTC and now holds well over 818,000 coins, Tesla's position is modest, but it remains one of the largest corporate Bitcoin treasuries among publicly traded companies outside the crypto sector.
This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
