Cryptocurrency
Elon Musk’s Tesla Holds Its $1.3B Bitcoin Position in Q2
Elon Musk’s Tesla Holds Its $1.3B Bitcoin Position in Q2 Tesla isn’t selling. As reported by CoinDesk, “Despite its recent concerns about bitcoin’s environmental impact, Tesla hasn’t sold any more bitcoin. Elon Musk’s electric vehicle company reported no new sales or purchases of digital assets, according to its Q2 earnings presentation Monday. The company holds $1.3 billion […]
Elon Musk’s Tesla Holds Its $1.3B Bitcoin Position in Q2
Tesla isn’t selling.
As reported by CoinDesk, “Despite its recent concerns about bitcoin’s environmental impact, Tesla hasn’t sold any more bitcoin.
Elon Musk’s electric vehicle company reported no new sales or purchases of digital assets, according to its Q2 earnings presentation Monday. The company holds $1.3 billion in bitcoin.
Tesla announced in February it had purchased $1.5 billion worth of bitcoin. Later in Q1, the company trimmed its bitcoin position by 10%, a sale that boosted Q1 earnings by $272 million. Recently, Musk also revealed that one of his privately-owned companies, SpaceX, holds bitcoin.
Tesla reported a $23 million impairment on its bitcoin holdings. This is because bitcoin is considered an inventory asset, which means that under Generally Accepted Accounting Principles its value is recorded at the lowest price bitcoin hit in the quarter.