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Q2 Earnings Report Finally Confirms Elon Musk’s Tesla Didn’t Sell Bitcoin Holdings

Tesla CEO Elon Musk said last week during a panel at the B-Word conference that his company has not sold any of its Bitcoin holdings. However, given his “not-so-clear” relationship with the Bitcoin community, all eyes were focused on the company’s earnings report slated for release this week.

Tesla published the report today and it did confirm that the company’s Bitcoin position had remained unchanged. The company did not sell or acquire any more Bitcoins during the last quarter. Under accounting for “Cashflow from Investment Activities,” Tesla reported no purchases of digital assets and no proceeds from sales of digital assets.

For the records, it was in the Q1 release that the community learned for the first time that Tesla liquidated a portion of its $1.5 billion Bitcoin holdings. Elon Musk subsequently said the sale was done to test Bitcoin’s liquidity potential and prove to stakeholders that the cryptocurrency could serve as a reserve asset.

Confirmation that Tesla didn’t sell its BTC was as much a crucial as Amazon’s public disclaimer against media reports that the company was planning to accept Bitcoin and even launch its own digital currency.

An earlier report by London-based publication, City AM cited an unnamed source as mentioning that Amazon will announce plans to support Bitcoin payments before the end of the year.

A spokesperson for the company reportedly said:

Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true. We remain focused on exploring what this could look like for customers shopping on Amazon.

Bitcoin had soared above $40,000 earlier in the day, but trimmed those against following Amazon’s denial of the BTC plan. With more tech companies involved with Bitcoin expected to announce their earnings in the coming days, it might be an increasingly volatile week for Bitcoin.


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