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Tesla Reveals Bitcoin Holdings Worth $222 Million in Latest SEC Filing

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Tesla has revealed that it still holds $222 million worth of bitcoin in market value after selling 75% of its crypto assets. The company recorded a realized profit of $64 million from the recent conversion of bitcoin to fiat currency.

Tesla makes $64 million profit from bitcoin sale

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Tesla Inc. submitted second quarter report report with the US Securities and Exchange Commission (SEC) on Monday.

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The company explained that it has converted about 75% of its bitcoin holdings into fiat currency, as reported by News last week. BTC The conversion added $936 million in cash to the electric vehicle company’s balance sheet.

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Tesla told the SEC that in the second quarter:

We have recorded an impairment loss of $170 million as a result of the change in the carrying value of our bitcoin and a gain of $64 million on some of our bitcoin to fiat conversions.

Tesla initially acquired $1.5 billion worth of bitcoin in the first quarter of 2021. In the same quarter, the company sold BTC worth $272 million. The price of bitcoin fluctuated between the $32,000 level and the $59,000 level in the first quarter of 2021.

The electric vehicle company said in an SEC filing that it made a $128 million profit from converting its BTC into fiat currency in the first quarter of 2021. In addition, in the second quarter of 2021 and the first half of 2021, the company suffered $23 million and $50 million in bitcoin impairment losses, respectively.

Tesla’s digital assets are mostly made up of bitcoin

In its filing Monday with the SEC, Tesla explained that it acquired $1.5 billion worth of bitcoin in the first quarter of 2021. In addition, it received a “minor amount” of digital assets in the first half of this year.

While Tesla hasn’t named the other crypto assets it holds, the company has been accepting dogecoin cryptocurrencies (DOGE) for some merchandise since January.

According to the balance sheet, the book value of Tesla’s digital assets at the end of the second quarter was $218 million. The electric vehicle company has developed:

The fair market value of these digital assets as of June 30, 2022 was $222 million.

June 30 price BTC fluctuated around $20,000 after a brief drop to $18,784. At the time of writing, BTC is trading at $21,869, according to Markets.

Tesla CEO Elon Musk said during last week’s second-quarter earnings report that the company had sold most of its BTC due to concerns “about the company’s overall liquidity given the Covid shutdowns in China.” Noting that Tesla has not sold a single dogecoin, Musk stressed, “We are certainly open to increasing our holdings in bitcoin in the future, so this should not be taken as some kind of judgment on bitcoin.”

What do you think about Tesla still holding $222 million worth of bitcoin? Let us know in the comments below.

Denial of responsibilityA: This article is for informational purposes only. This is not a direct offer or solicitation to buy or sell, or a recommendation or endorsement of any products, services or companies. does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly liable for any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods or services mentioned in this article.

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