Fun

Tesla Reveals Bitcoin Holdings Worth $222 Million in Latest SEC Filing

News Feed - 2022-07-26 08:07:17

Tesla Reveals Bitcoin Holdings Worth $222 Million in Latest SEC Filing


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 Realizes Gains of $64 Million From Bitcoin Sale


Tesla Inc. filed its second-quarter report with the U.S. Securities and Exchange Commission (SEC) Monday.


The company explained that it converted about 75% of its bitcoin holdings into fiat currency, as Bitcoin.com News reported last week. The BTC conversion added $936 million of cash to the electric car company’s balance sheet.


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.


Tesla originally purchased $1.5 billion of bitcoin in Q1 2021. In the same quarter, the company sold BTC worth $272 million. The price of bitcoin fluctuated between the $32K level and the $59K level in Q1 2021.


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. Tesla’s Digital Assets Mostly Consist of Bitcoin


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.


While Tesla did not name other crypto assets it is holding, the company has been accepting the meme cryptocurrency dogecoin (DOGE) for some merchandise since January.


The carrying value of Tesla’s digital assets held was $218 million as of the end of the second quarter, its balance sheet shows. The electric car company elaborated: 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.


Tesla CEO Elon Musk said during the company’s Q2 earnings call last week that the company sold most of its BTC due to concerns “about overall liquidity for the company, given Covid shutdowns in China.” Noting that Tesla has not sold any dogecoin, Musk stressed: “We are certainly open to increasing our bitcoin holdings in the future, so this should not be taken as some verdict on bitcoin.” Tags in this story Elon Musk, elon musk bitcoin, Tesla, tesla bitcoin, tesla bitcoin holdings, tesla bitcoin stash, tesla crypto, tesla cryptocurrency, tesla doge, tesla dogecoin


What do you think about Tesla still holding bitcoin worth $222 million? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Cryptocurrencies a "Good Alternative to Traditional Settlement Processes" — Study FEATURED | 13 hours ago Kenyan Activists Say Cryptocurrencies Have the ‘Potential to Create New Ways for Young People to Earn’ FEATURED | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleChipotle’s ‘Buy the Dip’ Game Plans to Reward Players With $200K in ETH, BTC, SOL, AVAX, and DOGE Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

WhatsApp and Signal survive EU chat control bill — For now
Robert D. Knight10 hours agoWhatsApp and Signal survive EU chat control bill — For nowEU legislators have dropped plans to scan messaging apps, but privacy advocates can’t celebrate just yet.1518 Total views8 Total s
Bolivia reports 100% rise in virtual asset trading since lifting Bitcoin ban
Brayden Lindrea10 hours agoBolivia reports 100% rise in virtual asset trading since lifting Bitcoin banThe rise came immediately after Bolivia’s central bank lifted a 42-month ban on cryptocurrency payments, allowing f
IMF wants Pakistan to tax crypto gains to pay for $3B bailout
Arijit Sarkar1 hour agoIMF wants Pakistan to tax crypto gains to pay for $3B bailoutThe International Monetary Fund also recommended Pakistan introduce stricter laws on collecting capital gains from real estate title tra
DOJ challenges motion to dismiss Tornado Cash co-founder’s charges
Amaka Nwaokocha1 hour agoDOJ challenges motion to dismiss Tornado Cash co-founder’s chargesAccording to the filing, the DOJ criticized Tornado Cash’s co-founders for inadequate changes to exclude sanctioned addresses
Cardano Might See A Massive Pump Around November 18 – Analyst Exposes 2020 Similarities
Este artículo también está disponible en español. The crypto market is heating up, with Bitcoin on the brink of all-time highs and anticipating a major breakout across as
Soros-Backed Argentine Neobank Uala Launches Cryptocurrency Trading Services
Soros-Backed Argentine Neobank Uala Launches Cryptocurrency Trading Services Uala, an Argentine neobank backed by George Soros, has launched cryptocurrency trading services for its
William Suberg25 minutes agoMining BTC is harder than ever — 5 things to know in Bitcoin this weekBitcoin wakes up to near $28,000 ahead of a jump to a new BTC mining difficulty record as billionaire investor Ray Dalio
Martin Young12 hours agoBitcoin no longer crypto of choice for illicit crypto activity: TRM LabsWhile fiat channels remain the dominant tool for criminal financing, Bitcoin appears to have fallen out of favor for crimina
Nigerian Currency Recovers Versus US Dollar — Central Bank Says Importers Must Repatriate Forex Earnings
Nigerian Currency Recovers Versus US Dollar — Central Bank Says Importers Must Repatriate Forex Earnings After touching a new all-time low of N710 per dollar in late July, a new
Major Crypto Mining Company Core Scientific Going Public on Nasdaq With $4.3 Billion Valuation
Major Crypto Mining Company Core Scientific Going Public on Nasdaq With $4.3 Billion Valuation Core Scientific, a major blockchain hosting and digital asset mini
Mike Novogratz: Everyone Should Put 2% to 3% of Their Net Worth in Bitcoin
Mike Novogratz: Everyone Should Put 2% to 3% of Their Net Worth in Bitcoin Bitcoin bull and Galaxy Digital CEO, Mike Novogratz, says bitcoin is for everyone. He
77% of Millennials Have Fallen Prey to This 'Woke' Investment Scam
There is so much bad investing advice out there. As wonderful as the Internet has been for the free-flowing exchange of ideas, information, and transparency when it comes to securit