Tesla Recorded $64 Million Gain on its Q2 Bitcoin Sales

Tesla Recorded $64 Million Gain on its Q2 Bitcoin Sales

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Last week, rumors broke across the crypto space that Tesla sold about 75% of its Bitcoin holdings at loss, however, new reports suggested otherwise.

Despite the current dip in the crypto market, Elon Musk’s Tesla has reportedly made a huge profit in its recent sales of a large portion of its holding.

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Tesla Realized a Huge Gain From its Q2 Bitcoin Sales 

According to an official form 10-Q filing with the US Securities and Exchange Commission (SEC), Tesla in its recent sales of its 75% of Bitcoin holdings netted a realized gain of $64 million in the second quarter of the year.

Tesla Chief Financial Officer Zach Kirkhorn said the company “converted a majority of our bitcoin holdings to fiat for a realized gain, offset by impairment charges on the remainder of our holdings, netting a $106 million cost to the [Profit and Loss Statement] included within restructuring and other.”

Meanwhile, in the first quarter of 2021, Musk’s Tesla bought a Bitcoin worth $1.5 billion, although it did not disclose the exact price of the purchase. Later in the year’s first quarter, it reduced its Bitcoin holding by 10%, boosting the year’s quarter earnings by $272 million.

Tesla hitherto has not revealed the price at which it sold the Bitcoin, but the speculated amount is nearly $29,000 per BTC, a sales that prevented Tesla from a huge loss should the company have waited till the existing state of the market before selling off its holdings.

According to Bitcoin Treasuries, Tesla currently has 10,800 Bitcoin on its books, at the current market rate, Tesla’s Bitcoin holdings would be around $237 million.

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