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Tesla Didn’t Buy or Sell Any Bitcoin for Fourth Straight Quarter in Q2
Tesla CEO Elon Musk Electric car maker Tesla (TSLA) did not buy or sell any bitcoin for the fourth straight quarter in Q2 2023, the company said in its earnings release on Wednesday after the market close.
The net value of its digital assets at the end of the quarter was $184 million, the same as it_s been for the past three quarters. At the end of the second quarter, the price of bitcoin was roughly $30,400, up from about $28,500 at the end of the first quarter. However, current accounting rules don’t allow the valuation of digital assets to be increased when prices rise unless the assets are sold, but they can be reduced when prices decline, even before a sale.