Market

Tesla reaps $64 million from its Bitcoin sale

Tesla has netted a hefty profit from offloading most of its Bitcoin (BTC) treasuries.

In H1 2022, Tesla recorded $170 million of impairment losses “resulting from changes to the carrying value” of its Bitcoin holdings.

After selling 75% of its BTC stash for dollars in the second quarter, the company netted a realized gain of $64 million.

In finance, an impairment loss occurs when the fair value of an asset held by a company falls below the carrying value of the investment.

Tesla recorded per-share earnings of $2.27 in the second quarter on revenues of $16.93 billion.

Although profitability was down compared with the first quarter, it was up over the levels of a year ago.

The electric vehicle maker still has 10,800 BTC on its books, according to Bitcoin Treasuries.

At a current price of around $22,000 BTC, Tesla’s digital asset holdings are worth roughly $237 million.

Leave a Reply

Your email address will not be published.

Back to top button