July 20th Tesla clearly Sold 75% of Bitcoin’s (BTC) stake in the second quarter of 2022.
According to the electric car maker’s shareholder deck, the Bitcoin transaction brought $ 936 million to its balance sheet.
Tesla’s Bitcoin holdings were reportedly expected to record an impairment loss of over $ 400 million due to a record collapse in the crypto industry.
Bitcoin lost about 58% of its value in the second quarter, the worst loss in more than a decade.
Meanwhile, according to the company, total second-quarter sales were $ 16.9 billion, up 42% from the previous year.
Tesla’s operating profit also improved to $ 2.5 billion year-on-year, but added that profits were affected by Bitcoin impairment and other reasons.
A company led by Elon Musk bought $ 1.5 billion worth of Bitcoin in 2021 when assets were trading in the range of about $ 30,000.
The company then sold 10% of its stake in the first quarter of 2021. Since then, it has not bought or sold its holdings until the second quarter of 2022.
Electric car makers have also temporarily accepted vehicle payments on key digital assets before suddenly shutting down the scheme due to environmental issues.
Tesla shares are reportedly Rose 4% or more after business hours.
Bitcoin prices have responded negatively to the news crashing more than 2% in an hour frame to $ 23,205, according to CryptoSlate data.
