Dell Technologies did not include Bitcoin (BTC) on its balance sheet in the second quarter of this year, despite CEO Michael Dell’s recent cryptic statements about cryptocurrencies, according to the company’s financial results published on August 29.
Speculations seemed to suggest that BTC purchases were being considered
Despite strong gains driven by growing demand for artificial intelligence (AI), Bitcoin was not mentioned during the earnings call or in the results filing. This is despite speculation that the tech giant may have been considering buying Bitcoin, particularly after some suggestive social media posts from Michael Dell.
On June 21, Dell posted a message on the X platform (formerly Twitter) in which he wrote, “Scarcity creates value,” a phrase often associated with Bitcoin due to its hard cap of 21 million coins. Speculation was further fueled when Dell reshared a message from Michael Saylor, the CEO of MicroStrategy and an avid Bitcoin advocate. Saylor had responded, “Bitcoin is digital scarcity,” and Dell subsequently posted an image of a Cookie Monster eating Bitcoin.
Also organized a Poll
On June 29, Dell even hosted a poll on X asking his followers what was more important: AI, Bitcoin, love and relationships, or none of the above. Bitcoin came out on top with 43% of the vote. In a July 16 interview with BlackRock CEO Larry Fink, Dell called Bitcoin “fascinating” and indicated that his initial skepticism had dissipated after doing some serious research.
Despite these comments, the quarterly report shows that Dell Technologies did not purchase any cryptocurrencies, including Bitcoin. Companies typically disclose such purchases in their financial statements, as Tesla did in the first quarter of 2021 when it purchased $1.4 billion worth of Bitcoin.
Other companies do buy BTC
Other companies such as MicroStrategy, Metaplanet, and Semler Scientific have also been transparent about their Bitcoin holdings in their financial reporting. So far, only a few companies have integrated Bitcoin into their treasury strategies, with Saylor-led MicroStrategy leading the way with 226,500 Bitcoin held, worth $12.6 billion.
Dell Technologies itself posted total revenue of €23.2 billion in the second quarter, up 9% from last year. Revenue from servers and networking equipment reached a record high of €7.1 billion, up 80% from the same period last year. Analysts had predicted revenue of €22.3 billion. Jeff Clarke, vice chairman and chief operating officer of Dell, indicated that AI was a major factor in the increase in profits.
“Our momentum in AI accelerated in the second quarter and we are seeing an increase in the number of enterprise customers purchasing AI solutions each quarter,” Clarke said. “Demand for AI-optimized servers was $3 billion, up 23% quarter-over-quarter and $5.4 billion year-to-date,” he added.
Source: https://newsbit.nl/dell-technologies-boekt-sterke-winst-dankzij-ai-maar-laat-bitcoin-buiten-beeld/
