Dell Technologies\u2019 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.<\/p>\n
Despite CEO Michael Dell\u2019s cryptic posts on social media platform X highlighting Bitcoin\u2019s digital scarcity, Dell Technologies has yet to add any BTC to its balance sheet, Q2 earnings results confirm<\/a>.<\/p>\n Michael Dell\u2019s recent series<\/a> of posts on X indicated that the billionaire CEO might be bullish on the long-term potential of the leading digital asset.\u00a0<\/p>\n Michael Dell reposting acclaimed Bitcoin bull Michael Saylor\u2019s posts heightened the excitement about Dell potentially adding BTC to its balance sheet. However, the latest earnings report has tempered the crypto industry\u2019s enthusiasm for now.<\/p>\n The earnings filings make no mention of any BTC purchases made in the second quarter of 2024. While the report notes that the company\u2019s Q2 2024 revenue was $24 billion \u2013 up by 9% year-over-year (YoY) primarily fuelled by growing demand for AI \u2013 BTC or any other cryptocurrency did not find any mention in the report or the company\u2019s earnings call.<\/p>\n The lack of Bitcoin in Dell\u2019s balance sheet instigated mixed reactions on X. Some users opined<\/a> that no major company will buy BTC until it solves its quantum threat. Others commented<\/a> 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.<\/p>\n 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.\u00a0<\/p>\n That being said, it\u2019s prudent to temper optimism and rely solely on what the company discloses in its earnings report.<\/p>\n Although Dell might not be the latest company to join the distinct list of firms with Bitcoin on their balance sheet, it doesn\u2019t mean there is a lack of institutional interest in the leading digital asset by market cap.<\/p>\n Michael Saylor\u2019s 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<\/a> $700 million to purchase BTC.<\/p>\n Other notable names that hold<\/a> BTC include the likes of Galaxy Digital Holdings, Tesla, and Coinbase Global, holding 15,449 BTC, 11,509 BTC, and 9,183 BTC, respectively.<\/p>\nA Look At Institutional Appetite For Bitcoin\u00a0<\/h2>\n