Tesla (TSLA) kept its bitcoin holdings unchanged during the second quarter, maintaining its treasury of 11,509 BTC as the price of the cryptocurrency 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 report. Tesla has not bought or sold bitcoins since 2022.
Bitcoin fell from about $83,000 at the beginning of the second quarter to about $58,000 in late June amid increased macroeconomic uncertainty and volatility in risk assets. The cryptocurrency was recently trading at $65,840.
Tesla remains one of the largest publicly traded bitcoin holding companies, although its holdings are significantly smaller than those of companies like Strategy (MSTR), which has continued to aggressively accumulate the cryptocurrency.
The company’s crypto upgrade came alongside mixed financial results in the second quarter. Tesla reported non-GAAP earnings per share of $0.33, missing analyst expectations of $0.55. Revenue came in at $28.2 billion, beating 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.
