Bitcoin News

Tesla Still Holds Bitcoin – Q2 Earnings Report.

Despite Elon Musk’s recent concerns about bitcoin’s environmental impact, Tesla hasn’t sold any of its Bitcoin [BTC] holdings.

Elon Musk’s electric vehicle company reported no new sales or purchases of digital assets, consistent with its Q2 earnings presentation Monday. The company holds $1.3 Bln in bitcoin.

Within an official announcement, Tesla outlined earlier in February that it had purchased $1.5 Bln worth of bitcoin. Later in Q1, the firm trimmed its bitcoin position by 10%, a purchase that boosted Q1 earnings by $272 Mln. Recently, Musk also revealed that one of his privately-owned companies, SpaceX, holds bitcoin.

Tesla reported a $23 Mln impairment on its bitcoin holdings. This is because bitcoin is taken into account as a lasting asset, which suggests that under Generally Accepted Accounting Principles its value is recorded at the least price bitcoin hit within the quarter.

Earlier in May, Musk outlined that Tesla would not accept bitcoin for its products due to environmental concerns over bitcoin mining’s use of coal and other fossil fuels. Earlier this month, however, Musk added that bitcoin’s environmental profile is improving and Tesla would likely resume accepting bitcoin for payments in mere future.

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