Tesla Records $64 Million Profit From Bitcoin Sale

Profit from the sale of digital assets of the manufacturer of electric cars Tesla from the beginning of the year to June 30 amounted to $64 million. This follows from reporting to the SEC.

The company did not disclose the selling price of digital gold in the second quarter.

Negative revaluation of the remaining bitcoins on the balance sheet – $ 170 million. 

The company reflected the current value of digital assets at $218 million. As of December 31, 2021, this value was $1.26 billion.

Along with publishing financial statements for the second quarter, Tesla disclosed information about the sale of 75% of its bitcoins. The company acquired digital gold in February 2021. 

The document for the SEC shows that Tesla gained $936 million. Top management explained this step as “the need to increase liquidity during the period of anti-covid restrictions in China.” 

According to Bitcoin Treasuries, the average cost of the first cryptocurrency acquired by Tesla before its partial sale could be $34,722.

In April 2021, Tesla sold $272 million of assets in the first cryptocurrency. The company recorded a profit on this operation of $128 million.

At the end of last year, the negative revaluation from digital assets amounted to $101 million.