Tesla left its Bitcoin holdings unchanged in the second quarter, maintaining a treasury of 11,509 BTC even as the cryptocurrency’s value dropped 14% during the period. The electric vehicle manufacturer delivered mixed quarterly results, surpassing revenue forecasts but missing profit expectations.

The company reported a $112 million after-tax impairment loss related to its Bitcoin holdings in its latest earnings release. Tesla has not made any Bitcoin purchases or sales since 2022, keeping its digital asset position steady.

Bitcoin declined from around $83,000 at the start of the quarter to nearly $58,000 by the end of June, pressured by broader economic uncertainty and volatility across global risk markets. The asset later recovered and was trading around $65,840.

Tesla remains one of the largest publicly traded corporate holders of Bitcoin, although its holdings are significantly smaller than those of Strategy, which has continued expanding its Bitcoin reserves through ongoing purchases.

The company’s Bitcoin disclosure came alongside a mixed second-quarter earnings report. Tesla posted adjusted earnings per share of $0.33, falling short of the $0.55 expected by analysts. Revenue, however, came in above estimates at $28.2 billion compared with the $27.6 billion forecast.

Tesla recorded a gross margin of 16.8%, while GAAP net income reached $1.11 billion. The company also reported a negative free cash flow of $1.1 billion during the quarter.

Current accounting rules require companies holding digital assets to recognize losses when the market value of their holdings declines. Although Bitcoin recovered after reaching June lows and moved back toward $65,840, Tesla’s impairment charge reflected the lower valuation of its crypto assets during the reporting period.

Tesla’s Bitcoin holdings have remained unchanged for nearly four years. The company made its first major Bitcoin investment in early 2021, purchasing approximately $1.5 billion worth of the cryptocurrency and briefly accepting Bitcoin payments for vehicle purchases before ending the option over environmental concerns.

The automaker later sold about 75% of its Bitcoin holdings in 2022 but continued holding the remaining 11,509 BTC as part of its long-term digital asset strategy.