Tesla says none of its Bitcoin was sold in Q2 as holdings stayed at 11,509 BTC

Tesla kept its Bitcoin holdings unchanged at 11,509 BTC in the second quarter, extending a stretch in which the company has not altered the position since January 2025. The stake was valued between $755 million and $786 million at quarter-end, while Tesla once held around 43,000 BTC before cutting the position in prior years. The unchanged crypto treasury came alongside second-quarter revenue of $28.24 billion, up 26% from a year earlier and above roughly $26.3 billion in consensus estimates, while adjusted earnings per share of $0.33 fell short of the $0.50 Wall Street expected. Shares dropped about 11% in after-hours trading following the July 22 earnings release, with weakness carrying into the next session. Investor concern centered on heavy spending for long-dated projects, including the Optimus humanoid robot and robotaxi efforts. Elon Musk said initial manufacturing of Optimus would be extremely slow because the Gen 3 system contains roughly 10,000 unique parts, with limited production expected at Tesla’s Fremont facility in late July or August 2026 and high-volume output targeted for 2027. The results reinforced a familiar tension for investors: strong top-line growth alongside margin pressure as Tesla funds multiple capital-intensive bets that may take time to generate meaningful revenue.