Money.P-media – Tesla Still Holds Bitcoin Worth IDR 3.3 Trillion. Tesla revealed it still holds $222 million worth of Bitcoin or about IDR 3.3 trillion in market value on the company’s balance sheet after selling its 75 percent Bitcoin holdings. The company recorded a realized gain of USD 64 million on the conversion of this new bitcoin to fiat currency.
The company explained it converted about 75 percent of its bitcoin holdings into fiat currency last week. The BTC conversion added USD 936 million in cash to the electric car company’s balance sheet.
“We recorded an impairment loss of USD 170 million as a result of changes in the carrying value of our bitcoins and a gain of USD 64 million from certain conversions of bitcoin to fiat currency by us,” the company’s individualized structure said, quoted from Bitcoin.com, Tuesday (26/26/2011). 7/2022).
Tesla initially bought bitcoin worth USD 1.5 billion in the first quarter of 2021. In the same quarter, the company sold USD 272 million worth of BTC. The bitcoin price at that time fluctuated between the level of USD 32,000 and the level of USD 59,000 in Q1 2021.
The electric car company stated in its SEC filing that it realized a $128 million gain from converting BTC into fiat currency in the first quarter of 2021. Additionally, the company had an impairment loss of $23 million and $50 million on bitcoin in the second quarter of 2021.
Tesla’s Digital Assets Are Made Up Most Of Bitcoin
In a filing with the SEC, Tesla clarified that it purchased $1.5 billion worth of bitcoin in Q1 2021. Additionally, it received an “immaterial amount” of advanced assets during the first half of 2022.
While Tesla did not mention any other crypto assets it holds. The company has been receiving the digital currency dogecoin (DOGE) image for some merchandise since January.
Based on the company’s balance sheet, the carrying value of Tesla’s advanced assets was $218 million at the end of the second quarter.
Tesla chief Elon Musk said during the company’s Q2 earnings call last week the company sold most of its BTC due to concerns “about overall liquidity for the company, given the Covid shutdown in China”.