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bitcoin

Bitcoin On The Radar? Dell’s Q2 Results Provide Clarity

Ash Tiwari
by Ash Tiwari
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dell Technologies’ Q2 2024 earnings results had the crypto industry on the edge of its seat, anticipating the company might become the latest to add Bitcoin (BTC) to its balance sheet.

No Bitcoin Purchases For Dell Yet

Despite CEO Michael Dell’s cryptic posts on social media platform X highlighting Bitcoin’s digital scarcity, Dell Technologies has yet to add any BTC to its balance sheet, Q2 earnings results confirm.

Related Reading: Semler Scientific Adds $5 Million Worth Of Bitcoin To Its Holdings

Michael Dell’s recent series of posts on X indicated that the billionaire CEO might be bullish on the long-term potential of the leading digital asset. 

Michael Dell reposting acclaimed Bitcoin bull Michael Saylor’s posts heightened the excitement about Dell potentially adding BTC to its balance sheet. However, the latest earnings report has tempered the crypto industry’s enthusiasm for now.

dell
Michael Dell reposts Michael Saylor’s post on Bitcoin | Source: x.com

The earnings filings make no mention of any BTC purchases made in the second quarter of 2024. While the report notes that the company’s Q2 2024 revenue was $24 billion – up by 9% year-over-year (YoY) primarily fuelled by growing demand for AI – BTC or any other cryptocurrency did not find any mention in the report or the company’s earnings call.

The lack of Bitcoin in Dell’s balance sheet instigated mixed reactions on X. Some users opined that no major company will buy BTC until it solves its quantum threat. Others commented that a company as big as Dell could buy between $25-$100 million of BTC without being required to disclose it in their GAAP financials, due to it being deemed immaterial.

For the uninitiated, materiality in accounting refers to the significance of an amount, transaction, or discrepancy. If an item is deemed immaterial, it means its inclusion or omission would not impact the decision-making process of a reasonable investor or stakeholder. 

That being said, it’s prudent to temper optimism and rely solely on what the company discloses in its earnings report.

A Look At Institutional Appetite For Bitcoin 

Although Dell might not be the latest company to join the distinct list of firms with Bitcoin on their balance sheet, it doesn’t mean there is a lack of institutional interest in the leading digital asset by market cap.

Michael Saylor’s MicroStrategy holds more than 226,000 BTC on its balance sheet, valued at more than $13.4 billion according to current market prices. It is expected that MicroStrategy will continue adding the orange coin to its financials, as it recently made public its plans to raise $700 million to purchase BTC.

Other notable names that hold BTC include the likes of Galaxy Digital Holdings, Tesla, and Coinbase Global, holding 15,449 BTC, 11,509 BTC, and 9,183 BTC, respectively.

Related Reading: Bitcoin Stays In Tesla’s Garage: No Sell-Off Despite Stock Market Jitters

The stellar performance of Bitcoin exchange-traded-funds (ETFs) in the US has further solidified BTC as an asset of choice among sophisticated investors, allowing them to hedge their bets against fiat currencies that suffer with potentially unlimited supply, and the ensuing inflation.

Bitcoin price action on the daily chart | Source: BTCUSD on TradingView.com
Featured Image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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