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Tesla released its Q2 earnings report yesterday, which showed that the company’s net Bitcoin (BTC) holding has a value of $1.311 billion as of June 30.
The electronic vehicle manufacturer did not make any additional BTC purchase, nor did it sell any of its holdings in the second quarter of this year.
Meanwhile, the cash flow statement revealed that Tesla only sold some of its Bitcoin holdings in Q1 for $273 million. However, Tesla CEO Elon Musk previously explained that this sale was to test Bitcoin’s liquidity. Musk tweeted on June 13 that:
“Tesla only sold ~10% of holdings to confirm BTC could [get] liquidated easily without moving market.”
In April, Tesla revealed that its BTC holding was worth $2.5 billion through a filing with the U.S. Securities and Exchange Commission (SEC).
The company’s Q2 earnings report mentioned BTC only once under the “profitability” section, highlighting the components offering its operating income, including a “bitcoin-related impairment of $23M.”
That said, Tesla’s financial statement release confirms Musk’s previous tweet, asserting that Tesla had “diamond hands” and would not sell its holdings amid a market crash.
Tesla announced in late February that it would begin accepting BTC as payments for its vehicles. However, it announced in May that it was no longer allowing the primary cryptocurrency as payment, citing environmental concerns as the reason.
Key Bitcoin Levels to Watch — July 27
BTC posted a massive bullish rally yesterday, beginning with an overnight $4,800 surge from $35,000 to $39,800. The benchmark cryptocurrency met some resistance at the psychological $40,000 mark and corrected mildly to the $37,700 support area.
However, bulls attacked the market again, sending the cryptocurrency to the $40,500 level, a few points away from the $41,000 pivot zone. Subsequently, some news from Amazon triggered a 10% drop within a few hours, erasing most of the day’s gains.
That said, we expect BTC bulls to facilitate another rally near the $40,000 level over the coming hours.
Meanwhile, our resistance levels are at $37,500, $38,500, and $39,500, and our key support levels are at $37,000, $36,000, and $35,000.
Total Market Capitalization: $1.47 trillion
Bitcoin Market Capitalization: $698.5 billion
Bitcoin Dominance: 47.4%
Market Rank: #1
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