Tesla (TSLA) held its bitcoin holdings unchanged during the second quarter, maintaining its treasury of 11,509 BTC as the cryptocurrency’s price declined 14% over the three-month period.
The electric vehicle 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 about $83,000 at the start of the second quarter to roughly $58,000 by the end of June amid broader macroeconomic uncertainty and volatility across risk assets. The cryptocurrency was recently trading at $65,840.
Tesla remains one of the largest publicly traded corporate holders of bitcoin, though its holdings are significantly smaller than those of firms such as Strategy (MSTR), which has continued to aggressively accumulate the cryptocurrency.
The company's crypto update came alongside mixed second-quarter financial results. Tesla reported non-GAAP earnings per share of $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 totaled $1.11 billion. The company also reported negative free cash flow of $1.1 billion for the quarter.
Under current accounting rules, companies holding digital assets must recognize declines in the value of their holdings through earnings. While bitcoin has recovered from its late-June lows and was recently trading at $65,840, the impairment reflects the value of Tesla's holdings during the reporting period.
Tesla's bitcoin position has remained largely unchanged for nearly four years. The company initially purchased $1.5 billion worth of bitcoin in early 2021 and briefly accepted the cryptocurrency as payment for its vehicles before suspending the option over environmental concerns. It sold roughly 75% of its holdings in 2022 but has maintained its remaining 11,509 BTC since then.