Tesla drops $170 million in Bitcoin depletion fees in Q2 2022

Tesla said it recorded a loss of $170 million (about 1,360 crore) against the book value of its Bitcoin holdings for the first six months of the year, as well as a profit of $64 million (about 512 crore). from certain sales of his Bitcoin holdings in a filing with the Securities and Exchange Commission (SEC) on Monday. The term ‘loss charge’ is a term used to refer to an asset that is no longer as valuable as it once was. When buying Bitcoin last year, Tesla said it would check its BTC holdings quarterly to check for declines.

Based on formal application Form 10-Q with the SEC, after sell 75 percent out of its BTC reserves for US Dollars in the second quarter, the company made an actual profit of around $64 million (approximately Rs. 512 crore). Given that a profit can only be realized when the prized digital asset has been sold, we know that Tesla finally made a profit on its BTC purchase in 2021.

Tesla sold $936 million worth of Bitcoin (about 7,490 crore) last week to bolster its cash position after its Shanghai factory closed as China handled rising Covid-19 cases. strong. The sale represents about 75% of its $1.5 billion total (approximately Rs. 12,002 crore). electronic money stash, which the company begins to accumulate in Q1 2021.

CEO Elon Musk told the Wall Street Journal that the buying and selling does not indicate a widespread avoidance of Bitcoin. The company still holds Dogecoin among the remaining $218 million worth of cryptocurrency (approximately Rs 1,745). He personally still keeps Bitcoin, Dogecoinand Etherfollow a tweet in March of this year.

Tesla also briefly accepted Bitcoin payments, but stopped in May 2021 because of Musk’s concerns about BTC’s environmental footprint.

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