Tesla reports $64M profit on bitcoin sale in Q2

Elon Musk’s Tesla Inc. (NASDAQ: TSLA) recorded a gain of $64 million after selling 75% of its bitcoin holdings that netted a hefty profit of $936 million in the second quarter.

The company also reported an impairment loss of $170 million on its remaining holdings, in the first six months of 2022, according to its 10-Q filing with the Securities and Exchange Commission on Monday.

On the earnings call, Tesla CFO Zach Kirkhorn said the company “converted a majority of our bitcoin holdings to fiat for a realized gain, offset by impairment charges on the remainder of our holdings, netting a $106 million cost to the included within restructuring and other.”

The electric vehicle maker still has 10,800 bitcoin on its books, according to Bitcoin Treasuries.