Dell Remains Bitcoin-Free in Q2 Despite CEO Michael Dell’s Bullish Crypto Hints

It seems that many assumed Dell would join the group of enterprises holding Bitcoin on their books when it released its Q2 figures. However, an analysis of Dell Technologies’ second-quarter filings reveals that the company may not have acquired any Bitcoin in Q2, despite the company’s CEO recently posting cryptic crypto memes.

In the August 29 filing, Dell reported strong sales, driven by significant AI growth. However, there was no mention of Bitcoin (BTC), currently down to $59,585, either in the earnings call or in the filing.

There were rumors that the tech giant might have been planning to buy some Bitcoin after the company’s CEO, Michael Dell, expressed strong positivity about crypto on his social media profiles.

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In a tweet on X (formerly Twitter) on June 21, Dell wrote, “Scarcity creates value,” a statement often associated with Bitcoin due to its fixed supply limit of 21 million coins. He further fueled speculation when he retweeted a reply from Michael Saylor, CEO of MicroStrategy, which stated, “Bitcoin is Digital Scarcity.” Following this, Dell promoted an account featuring a Cookie Monster meme with Bitcoin being fed to it.

Additionally, Dell conducted a poll on June 29, asking users what they considered more important: AI, Bitcoin, love and relationships, or none of them. The poll was a popular success, with 43% of respondents choosing Bitcoin.

Michael Dell posted his last comment about Bitcoin on July 16, stating “fascinating Bitcoin” after mentioning that he no longer has doubts about it, having studied the cryptocurrency. This comment came during an interview with BlackRock CEO Larry Fink.

Despite these statements, Dell Technologies, according to its quarterly results filing, has not bought Bitcoin or any form of cryptocurrency. Typically, companies report such acquisitions in their balance sheets. For example, Tesla disclosed its involvement with Bitcoin in its Q1 2021 financial report, where it revealed a purchase of $1. As evident from these filings, Bitcoin holdings across companies amount to around $5 billion in total.

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Other companies like MicroStrategy, Metaplanet, and Semler Scientific have also disclosed the extent and quantity of their Bitcoin investments in their earnings reports. Among the few companies integrating Bitcoin into their treasury management processes, MicroStrategy, led by Michael Saylor, holds approximately 226,500 BTC, worth around $4 billion, according to the company’s portfolio tracker.

Dell Technologies’ Q2 earnings beat estimates thanks to AI

The company’s total revenue reached $25 billion, up 9% from the previous year. The revenue from record servers and networking was $7.7 billion, marking an impressive 80% increase compared to the previous year.

Analysts had projected that this segment would generate around $24 billion in revenue. Jeff Clarke, Vice Chairman and Chief Operating Officer of Dell, stated that AI was a key factor in the company’s higher revenues.

“This is why we consider our second quarter as optimized for Artificial Intelligence, where the uptake in enterprise customers per quarter for AI solutions was a strong point,” Clarke explained.

He further added, “Specifically, AI-optimized server demand stood at $3.2 billion, up 23% sequentially, and $5.8 billion year-to-date.”