Profit from the sale of Tesla’s digital assets in the year-to-date period through June 30 amounted to $64 million. This is according to the SEC filing.
The company did not disclose the sale price of the digital gold in the second quarter.
The negative revaluation of the remaining bitcoins on the balance sheet stood at $170 million.
The company carried the current value of its digital assets at $218 million. As of December 31, 2021, this figure stood at $1.26 billion.
Along with the release of the second-quarter financial results, Tesla disclosed information about the sale of 75% of its bitcoins. The company had acquired the digital gold in February 2021.
According to the SEC filing, Tesla generated $936 million in revenue. Management explained the move as “the need to increase liquidity during COVID restrictions in China”.
According to Bitcoin Treasuries, the average cost of Tesla’s purchase of the first cryptocurrency before its partial sale could have been $34,722.
In April 2021, Tesla sold part of its holdings in the first cryptocurrency for $272 million. The company recorded a profit of $128 million from this operation.
For the full year, the negative revaluation of digital assets amounted to $101 million.
The second quarter of 2022 was Bitcoin’s worst quarter in 11 years. worst in 11 years.
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