Tesla’s Q2 financial report has confirmed Elon Musk earlier claims that his electric automaker has not sell any Bitcoin. The company’s Q2 unaudited balance sheet shows a net Bitcoin value of $1.311 billion as of June 30, which is same as of March 31, considering the $23 million impairment loss related to Bitcoin and other.
Tesla released its Q2 2021 financial report on Monday, July 26th. The report shows that Tesla did not buy or sell any bitcoin in the second quarter. The statement of cash flows shows Tesla’s only purchase of Bitcoin was in February 2021 that worth $1.5 billion.
As of March 31, 2021, Tesla’s net digital assets balance was $1.331 billion. As of June 30, the company has $1.311 billion worth of Bitcoin on its balance sheet. The company reported a $23 million impairment related to bitcoin. This confirms Tesla CEO’s recent claims that his company has not sold any Bitcoin.
Tesla first purchased $1.5 billion worth of Bitcoin in Q1 of 2021 and also added the coin as payment option for its vehicle purchases. The move helped to reach ATH of nearly 65,000 in mid-April. Bitcoin went into a dive when Tesla suspended Bitcoin as payment option.
The BTC price took a further blow when Elon Musk hinted a Bitcoin dump. Later he revealed that Tesla had not sold any Bitcoin. He noted that Tesla only sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet. This proves that only time Tesla sold its Bitcoin was in Q1 for $272 million. In Q2, Tesla did not buy and purchase any Bitcoin.
Musk has recently revealed that his space exploration company SpaceX also owned Bitcoin and he himself owned three crypto assets that are Bitcoin, Ethereum, and Dogecoin.
Bitcoin Institutional Adoption is Growing
This proves that big companies and financial institutions now feel comfortable with Bitcoin and cryptocurrencies. As reported, JP Morgan Chase & Co., an American multinational investment bank that earlier was a fierce enemy of Bitcoin, has become the first bank in the US to offers its retails clients access to five crypto funds that include Bitcoin, Ethereum, Bitcoin Cash, and Ethereum Classic.
Bitcoin adoption as an asset class is growing and more and more ventures are exploring this industry. Amazon is also moving forward towards blockchain and cryptocurrencies. Seeing this, many now believes that Bitcoin will replace Gold as global reserve in the next few years.