Tesla has sold 75% of its Bitcoin holdings, earning $936M
Tesla revealed that its Bitcoin trade brought $936 million to its balance sheet.
According to the electric car maker shareholder’s deck, its Bitcoin trade brought $936 million to its balance sheet.
Reports had predicted that Tesla’s Bitcoin holding was going to record an impairment loss of over $400 million because of the record crash of the crypto industry.
Bitcoin lost around 58% of its value in the second quarter, its worst loss in over a decade.
Meanwhile, the company said its total revenue grew by 42% year-on-year in the second quarter to $16.9 billion.
Tesla’s operating income also improved on the year-on-year metric to $2.5 billion, however, it added that the income was impacted by its Bitcoin impairment, and other reasons.
The Elon Musk-led company bought $1.5 billion worth of Bitcoin in 2021 when the asset was trading around the $30,000 range.
The company later sold 10% of its holdings in the first quarter of 2021. Since then, it did not buy or sell any of its holdings until 2022’s second quarter.
Tesla’s stock reportedly rose by over 4% after hours.
Bitcoin’s price has reacted negatively to the news crashing by over 2% on the 1-hour time frame to $23,205, according to CryptoSlate data.