Tesla's Q2 Report Discloses $23 M Impairment Loss on BTC

by in Cryptocurrency News

Tesla Q2 results Bitcoin

American electric car producer Tesla presented a report on the results of the second quarter of 2021. The paper indicates new highs with a net income of $1.14 B.

Related: Elon Musk Revealed He Owns BTC During "The B Word" Conference

The firm also stated a Bitcoin-caused impairment loss of $23 million as at the time of purchase the price of the coin was higher than now. Tesla didn't trade digital assets over Q2. The firm bought Bitcoins worth $1.5 B in February this year. That was the only purchase so far. In April, the enterprise sold 10% of the amount, saying the move was done to prove the liquidity of the coin and that it is a good alternative to cash.

In Q1, Tesla reported $101 M benefit from BTC.

During the online conference "The B Word" held recently, Elon Musk announced that he holds BTC, some Ether, and some Doge. Musk's other company, SpaceX also holds BTC. As mentioned by the business magnate, neither he nor any of his companies plans to sell any coins.

Currently, the largest cryptocurrency trades at around $37.500 with a market cap of over $690 B.