Tesla’s Latest SEC Filing Shows Bitcoin Holdings Around $222 Million

Even though Tesla sold off 75% of its Bitcoin holdings, it appears that the electric car manufacturer still has bitcoin valued at about $222 million in its coffers. The recent sale of bitcoin by the company for fiat currency netted it a profit of about $64 million.

Bitcoin sale nets profit

On Monday, Tesla Inc. filed its earnings report for the second quarter with the US Securities and Exchange Commission (SEC). As reported last week, the company disclosed that it had sold 75% of its bitcoin holdings for fiat. This conversion had allowed the company to get a whopping $936 million that it had added to its balance sheet.

The company disclosed to the SEC that the impairment losses that were incurred because of the change in the value of the bitcoin they owned were about $170 million. Tesla also disclosed that it had managed to make gains of $64 million on the bitcoin holdings it had decided to sell for cash.

Tesla’s bitcoin purchase

Originally, the electric car manufacturer had first bought bitcoin last year in the first quarter worth $1.5 billion. The company had sold bitcoin in the same quarter worth $272 billion. In the first quarter of the year, the value of bitcoin had been varying between $32,000 and $59,000.

In the SEC filing, the electric car company said that conversion of BTC into fiat in the first quarter of 2021 had helped it make gains of about $128 million. Furthermore, the company also recorded impairment losses of $23 million and $50 million on their bitcoin holdings in the second quarter of 2021 and the first half of 2021, respectively.

Bitcoin holdings

The filing with the SEC on Monday revealed that Tesla had bought bitcoin valued at $1.5 billion last year in the first quarter. Furthermore, the company said that it had also received an ‘immaterial’ amount of cryptocurrencies in the first half of the year.

Even though the company did not disclose the other cryptocurrencies that it had received, it should be noted that Tesla had started accepting payments in meme token Dogecoin (DOGE) for some merchandise at the start of the year.

Tesla’s balance sheet revealed that the total value of digital assets that the company owns at the end of the second quarter of 2022 was about $218 million. The electric company disclosed that the fair value of the digital assets it held as of June 30th, 2022 had been $222 million.

On this date, the price of bitcoin had been close to the $20,000 mark, after it had briefly declined to $18,784. At the time of writing, the price of bitcoin is around $21,689.

During the second quarter earnings call of Tesla in the previous week, its CEO, Elon Musk said that the company had had to sell its bitcoin holdings in the previous week because of liquidity concerns due to the COVID lockdowns in China. Musk added that they had not sold any dogecoins and they would also expand their bitcoin holdings in the future.

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