Tesla has retained its Bitcoin holdings at $1.3 billion despite not accepting Bitcoins as payment for vehicle purchases citing environmental concerns. The company, however, hasn’t bought or sold Bitcoins during the second quarter and has maintained a bitcoin reserve worth $1.311 billion.
Tesla made an announcement in February that it had bought Bitcoins worth $1.5 billion. However, during Q1, the company slashed its Bitcoin holdings by 10%, raising its Q1 earnings by $272 million.
Recently, Elon Musk, founder and CEO of Tesla, disclosed that his space transportation services and communications company, Space X, holds some amount of Bitcoin as well.
Musk announced in May that Tesla has stopped accepting payments in Bitcoins for vehicle purchases citing environmental concerns.
Nonetheless, in a recent conference, ‘The B-word’, Musk announced that the company might start accepting them again as many miners are moving towards renewable sources of energy. The disclosure led to a price surge in Bitcoin taking its value to nearly $40,000.