The rise in Bitcoin prices and new accounting standards have driven Tesla's crypto assets to appreciate to $1.2 billion
In its second quarter earnings report, Tesla disclosed that the current market value of its 11,509 Bitcoins has reached approximately $1.2 billion. This increase is primarily due to a roughly 30% rise in Bitcoin prices this quarter, as well as the new accounting standards that the FASB will implement starting in 2025. The new regulations allow companies to measure crypto assets at fair value each quarter, replacing the previous practice of recording them at the lowest market value. Tesla's revenue for the quarter was $22.5 billion, in line with market expectations, with a diluted earnings per share of $0.40. TSLA rose 0.71% in after-hours trading to $331.56.
Block joins the S&P 500, Square launches trial of Bitcoin payment
Block (formerly Square Inc.) was officially added to the S&P 500 index on Wednesday, while its payment platform Square announced the launch of a pilot program for Bitcoin payment functionality. This pilot is based on Lightning Network technology, allowing merchants to complete Bitcoin payments quickly and at low cost through Square terminals. Owen Jennings, Block's business head, stated that the company is recruiting the first users to participate in the 'native Bitcoin payment experience.' This feature is a key initiative promoted by Jack Dorsey to bring Bitcoin into the mainstream payment system.
Bitcoin spot ETF saw a net outflow of $85.9628 million on July 23
According to SoSoValue data, on July 23, Eastern Time, the Bitcoin spot ETF experienced a net outflow of $85.9628 million, marking the third consecutive trading day of net outflows. The spot Bitcoin ETF with the highest net inflow that day was Blackrock's IBIT, which recorded a net inflow of $143 million in a single day. As of now, the total net inflow into IBIT has reached $57.116 billion.
Japanese listed company Quantum Solutions plans to hold up to 3,000 Bitcoins
The Japanese listed artificial intelligence company Quantum Solutions announced that it will enter the crypto asset investment field and plans to purchase up to 3,000 Bitcoins within the next year. This move aims to achieve long-term asset preservation, hedge against yen depreciation, and mitigate exchange rate and inflation risks caused by global financial turmoil. The company stated that it will gradually advance its purchase plan based on its own capital, with an initial investment of about $10 million. If the plan is fully realized, the company will surpass ANAP Holdings and Mac-House, becoming one of the leading listed companies in Japan's main market in terms of Bitcoin holdings.
UK's Satsuma successfully raises over £100 million, will accelerate its Bitcoin layout
UK listed company Satsuma Technology PLC (also known as Tao Alpha PLC) announced that its second round of private placement for convertible bonds has been successfully completed, raising an amount far exceeding the original minimum target of £100 million. The company pointed out that this round of funding will be used to promote business expansion and strengthen its development strategy in Bitcoin asset allocation and decentralized AI.
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