Tesla has revealed that it is still holding bitcoin worth $222 million in market value after selling 75% of its crypto holdings. The company recorded realized gains of $64 million on its recent bitcoin conversion into fiat currency.
Tesla informed the SEC that in the second quarter:
We recorded $170 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $64 million on certain conversions of bitcoin into fiat currency by us.
The electric car company stated in the SEC filing that it realized gains of $128 million from converting its BTC into fiat currency in Q1 2021. In addition, the company had $23 million and $50 million of impairment losses on bitcoin in Q2 2021 and 1H 2021, respectively.
In its Monday filing with the SEC, Tesla clarified that it purchased bitcoin worth $1.5 billion in Q1 2021. In addition, it received “an immaterial amount” of digital assets during the first half of this year.
The fair market value of such digital assets held as of June 30, 2022 was $222 million.
On June 30, the price of BTC was hovering around $20K, after falling briefly to $18,784. At the time of writing, BTC is trading at $21,869, based on data from Bitcoin.com Markets.
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