Electric car manufacturer Tesla, Inc. suffered a loss of $170 million due to a decrease in the value of the cryptocurrency on its balance sheet, according to a published report for the 2nd quarter of 2022. However, the company made a profit of $64 million from converting bitcoin into fiat currency.
For comparison: as of June 30, 2021, Tesla recorded a profit of $128 million from the conversion of digital assets, and a loss from the decrease in their value was $50 million.
As of December 31, 2021, the book value of Tesla's cryptocurrency was $1.26 billion. As of June 30, 2022, the fair market value of the digital assets remaining on the company's balance sheet is $222 million, the report says.
Tesla has sold approximately 75% of previously purchased bitcoins, according to the company's quarterly report released last week. The cryptocurrency was sold in the amount of $936 million.