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Elon Musk’s Tesla Reports $23 Million Loss On Its Btc Holdings

In its latest filing with the US SEC (Securities and Exchange Commission), Tesla has reported a $23 million impairment loss of $23 million on its BTC holdings for the second quarter ending June 2021. The US-based electric car-making firm has also said that they did not sell or purchase digital assets in Q2. 

However, despite the impairment loss on BTC holdings, Tesla reported year-on-year revenue growth of 98% for Q2. When compared with the same period during 2020, Tesla made $11.9 billion this year, while in 2020 it had cashed in $6billion only. 

“In the second quarter of 2021, we broke new and notable records. We produced and delivered over 200,000 vehicles, achieved an operating margin of 11.0%, and exceeded $1B of GAAP net income for the first time in our history,” Tesla said in its filing. 

Tesla also posted $1.02 profits per share. Due to the drop in prices of Bitcoin, Tesla reported an impairment loss. The new rules in the US require firms to disclose impairment loss if the prices of digital assets drop. During Q2 Tesla did not buy any new BTC. It means Tesla continues to hold BTC worth $1.5 billion BTC it bought in Q1.

Tesla CEO Elon Musk has confirmed that they are not selling BTC. He also said that he is still open to the idea of accepting Bitcoin payments for Tesla cars in the US.

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