Tesla Reports $64M Profit From Bitcoin Sale
Tesla is reporting they profited $64,000,000 in their recent sale of Bitcoin, the company still holds 10,800 BTC.
Tesla’s decision to offload most of its Bitcoin (BTC) treasuries netted the company a hefty profit in the second quarter, even as crypto prices plunged into a bear market.
In the first six months of 2022, Tesla recorded $170 million of impairment losses “resulting from changes to the carrying value” of its Bitcoin holdings, according to an official Form 10-Q filing with the United States Securities and Exchange Commission, or SEC. 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.