Electric vehicle behemoth Tesla Inc. TSLA reported Wednesday unrealized gains of over $280 million on its cryptocurrency holdings in the second quarter, thanks to a 30% jump in Bitcoin’s BTC/USD price.What Happened: Tesla’s balance sheet showed $1.235 billion in digital assets, up nearly 30% from the last quarter, according to the company’s earnings report released after the closing bell.This resulted in gains of $284 million on its cryptocurrency investments, a marked turnaround from the $125 million losses it suffered in the previous quarter.The Elon Musk-led tech titan does not publish a breakdown of its cryptocurrency holdings. However, on-chain analytics firm Arkham Intelligence reports that the entirety of their stockpile is made up of Bitcoin, worth almost $1.370 billion at the time of writing. Its hoard of 11,509 BTC remained unchanged from the last quarter.Bitcoin closed the second quarter up approximately 30%, reversing the declines from the first quarter.Why It Matters: Tesla's Bitcoin journey began in January 2021, when it first acquired $1.5 billion worth of the leading cryptocurrency.The firm previously accepted Bitcoin as a payment option for vehicles before ending the practice due to concerns about the energy consumption used in Bitcoin mining.Earlier this week, on-chain sleuths detected a $150 million Bitcoin transfer from a wallet tied to Musk's space technology company SpaceX after more than three years.Meanwhile, the company reported a revenue and earnings drop in the second quarter, both of which missed analysts' expectations.Price Action: At the time of writing, Bitcoin was exchanging hands at $119,062, down 0.41% in the last 24 hours, according to data from Benzinga Pro.Shares of Tesla dipped 4.41%in after-hours trading after closing up 0.14% at $332.56 during Wednesday’s regular trading session.

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Tesla Inc. reported unrealized gains of over $280 million on its Bitcoin holdings in Q2, attributed to a 30% increase in Bitcoin's price. The company's digital assets rose to $1.235 billion, reversing previous losses. Tesla holds 11,509 BTC, valued at approximately $1.370 billion. Despite this windfall, Tesla's revenue and earnings fell short of analysts' expectations, and its shares dipped 4.41% in after-hours trading.

- Tesla Inc. reported unrealized gains of over $280 million on its cryptocurrency holdings in Q2, driven by a 30% increase in Bitcoin's price.  
- The company's digital assets rose to $1.235 billion, marking a significant recovery from a $125 million loss in the previous quarter, with its Bitcoin holdings remaining unchanged at 11,509 BTC.  
- Despite these gains, Tesla's revenue and earnings fell short of analysts' expectations, and its shares dipped 4.41% in after-hours trading.

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Elon Musk's Tesla Sits On $284 Million Bitcoin Windfall In Q2, Refuses to Cash Out