13:16
Google Adds Personal Memory Feature to Gemini Chatbot
09:59
Microsoft Unveils Its Own Mac Mini Alternative: The Windows 365 Link
14:15
Kim Kardashian Becomes the First to Receive Tesla Optimus Robot and Cybercab
10:28
US Justice Department Aims to Force Google to Sell Chrome
09:59
What to Expect from the iPhone 17 and iPhone 17 Slim
17:20
Dubai Future Forum: 7 Signals of Transformation for a New Age
13:16
Google Adds Personal Memory Feature to Gemini Chatbot
09:59
Microsoft Unveils Its Own Mac Mini Alternative: The Windows 365 Link
14:15
Kim Kardashian Becomes the First to Receive Tesla Optimus Robot and Cybercab
10:28
US Justice Department Aims to Force Google to Sell Chrome
09:59
What to Expect from the iPhone 17 and iPhone 17 Slim
17:20
Dubai Future Forum: 7 Signals of Transformation for a New Age
13:16
Google Adds Personal Memory Feature to Gemini Chatbot
09:59
Microsoft Unveils Its Own Mac Mini Alternative: The Windows 365 Link
14:15
Kim Kardashian Becomes the First to Receive Tesla Optimus Robot and Cybercab
10:28
US Justice Department Aims to Force Google to Sell Chrome
09:59
What to Expect from the iPhone 17 and iPhone 17 Slim
17:20
Dubai Future Forum: 7 Signals of Transformation for a New Age
13:16
Google Adds Personal Memory Feature to Gemini Chatbot
09:59
Microsoft Unveils Its Own Mac Mini Alternative: The Windows 365 Link
14:15
Kim Kardashian Becomes the First to Receive Tesla Optimus Robot and Cybercab
10:28
US Justice Department Aims to Force Google to Sell Chrome
09:59
What to Expect from the iPhone 17 and iPhone 17 Slim
17:20
Dubai Future Forum: 7 Signals of Transformation for a New Age
According to a new 10-Q filing with the US SEC, Tesla gained $64 million on the sale of 75 percent of its BTC holdings, as well as an impairment of $170 million on its remaining holdings.
By simple calculations, it can be established that overall Tesla lost $106 million on its BTC assets. Tesla CFO Zach Kirkhorn said:
We 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.
The company did not reveal the selling price for its BTC, but a rough calculation shows the average price would be of around $29,000 per bitcoin, helping Tesla avoid a much more substantial impairment charge. Bitcoin ended Q2 at a price of about $18,700.
It is only recently that Tesla acquired its BTC and now is already selling them. In Q1 2022 Tesla bought $1.5 billion worth of bitcoin but did not disclose its average purchase price. Later in Q1, the company trimmed its bitcoin position by 10%, a sale that boosted that quarter’s earnings by $272 million.
Tesla hadn't added to or reduced its holdings until the most recent quarter, a move CEO Elon Musk said was taken to raise cash in the face of COVID-19 lockdowns in China, one of its largest markets.
Editor’s pick
