Tesla will release its quarterly earnings report after midnight today. The financial report will reveal whether the company has recently sold Bitcoin. The answer to this question serves as an important indicator about the course of the market.
Tesla will make its Bitcoin reserves public at midnight tonight
The electric vehicle manufacturer, owned by Elon Musk, reported a loss of $204 million from Bitcoin investments in 2022. This loss, reported in February, was offset by the $64 million profit from Bitcoin trading in the months that followed. As a result, Tesla reported a net loss of $140 million from Bitcoin in its latest financial report.
Tesla will release its Q2 earnings report at 00:30 tonight. However, it will be revealed whether the company sells the remaining Bitcoins. The company stated that it believes that cryptocurrencies will be long-lasting, and invested $ 1.5 billion in Bitcoin in the first quarter of 2021. Back then, he said, Bitcoin was a great tool to store cash and have immediate access to it. It also featured a better return on investment than traditional central banks.
cryptocoin.com The financial report announced in January, which we quoted as, showed that Tesla did not make any changes in Bitcoin reserves during the Terra (LUNA) collapse.
Tesla stocks feeling positive
In the last three months, Tesla stock has seen a massive 58% increase. It pushed the share price above $100 for investors who continued the boom. With that in mind, Wall Street expects Tesla to report $24.56 billion in revenue. This revenue figure represents a slight increase from the first quarter, but a massive 45% increase from a year ago.
Earlier this month, Tesla reported second-quarter global production of 479,700 units, with 466,140 deliveries. The delivery figure easily exceeded Wall Street’s estimates of 448,599 units, as well as the previous quarter’s total of 422,875. Both production and delivery totals for the second quarter were all-time records for Tesla.
Concerns about Q1 demand are allayed by Tesla’s strong delivery numbers for Q2. Aside from increased volume and product updates on vehicles like the Cybertruck and its upcoming 3rd Gen platform, analysts are also focusing on gross margin in the near term.
Bitcoin tests $30,000 ahead of Tesla financial report
Bitcoin fell to the $30,000 support today after the market rally of July 13. On July 13, Ripple achieved a partial victory over the SEC. cryptocoin.com As we reported, XRP price skyrocketed by 90%, while BTC and ETH recorded strong gains.
After the short-term rally, Bitcoin is trading below the $30,000 support again. The midnight Tesla report is powerful news that could rekindle investor sentiment.
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