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Tesla Reveals Bitcoin Holdings Worth $222,000,000 in Latest SEC Filing

Tesla Reveals Bitcoin Holdings Worth $222 Million in Latest SEC Filing

Tesla has revealed that it is still holding bitcoin worth $222 million in market value after selling 75% of its crypto holdings. The company recorded realized gains of $64 million on its recent bitcoin conversion into fiat currency.

Tesla Realizes Gains of $64 Million From Bitcoin Sale

Tesla Inc. filed its second-quarter report with the U.S. Securities and Exchange Commission (SEC) Monday.

The company explained that it converted about 75% of its bitcoin holdings into fiat currency, as Bitcoin.com News reported last week. The BTC conversion added $936 million of cash to the electric car company’s balance sheet.

Tesla informed SEC that in quarter two:

We recorded $170 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $64 million on certain conversions of bitcoin into fiat currency by us.

Tesla originally purchased $1.5 billion of bitcoin in Q1 2021. In the same quarter, the company sold BTC worth $272 million. The price of bitcoin fluctuated between the $32K level and the $59K level in Q1 2021.

The electric car company stated in the SEC filing that it realized gains of $128 million from converting its BTC into fiat currency in Q1 2021. In addition, the company had $23 million and $50 million of impairment losses on bitcoin in Q2 2021 and 1H 2021, respectively.

Tesla’s Digital Assets Mostly Consist Of Bitcoin

In its Monday filing with the SEC, Tesla clarified that it purchased bitcoin worth $1.5 billion in Q1 2021. It also received an “immaterial amount” in digital assets during the first six months of this year.

While Tesla did not name other crypto assets it is holding, the company has been accepting the meme cryptocurrency dogecoin (DOGE) for some merchandise since January.

The carrying value of Tesla’s digital assets held was $218 million as of the end of the second quarter, its balance sheet shows. The electric car company developed:

The fair market value of such digital assets held as of June 30, 2022 was $222 million.

On June 30, the price of BTC was hovering around $20K, after falling briefly to $18,784. At the time of writing, BTC is trading at $21,869, based on data from Bitcoin.com Markets.

Tesla CEO Elon Musk said during the company’s Q2 earnings call last week that the company sold most of its BTC due to concerns “about overall liquidity for the company, given Covid shutdowns in China.” Noting that Tesla has not sold any dogecoin, Musk stressed: “We are certainly open to increasing our bitcoin holdings in the future, so this should not be taken as some verdict on bitcoin.”

What do you think about Tesla still holding bitcoin worth $222 million? Please let us know your thoughts in the comments below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection of cryptography and economics.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Fed Report Explores How Crypto Price Changes Affect Ownership

A report by the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute found that cryptocurrency ownership declined during market downturns, despite price increases in bitcoin. Data from multiple surveys showed that crypto interest and ownership did not rise, even as prices surged. The report suggests further research into consumer behavior in response to market fluctuations [……
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The Open Network (TON) to launch teleport Bitcoin bridge

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain, The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem. The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for…

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain,
The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem.

The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for DeFi purposes. The bridged Bitcoin, called Teleport BTC, will maintain the original Bitcoin’s security while allowing holders to take advantage of the growing opportunities on TON.

According to the Foundation, each Teleport BTC will be backed 1:1 by native Bitcoin via a trustless, transparent process chiefly executed by verifiable smart contracts and validators.

This new development aims to “enhance Bitcoin’s utility, transforming it into a powerful tool for generating additional rewards on TON.”

TON’s Growth in 2024

The Open Network, closely linked with the popular Telegram messaging app, has been on an upward climb in 2024 both in price and network development. The network was initially created by the Telegram team for internal use but was abandoned and eventually picked up by the community.

TON made major waves after Telegram re-established contact by using the network to power its ad reward system, which pays channel owners in TON (the network’s native cryptocurrency) for traffic and views.

Outside of Telegram, TON is making a name for itself as a social gaming chain with tap-based casual projects like Notcoin and Hamster Kombat garnering attention.

TON’s Growing DeFi Ecosystem

While TON is not primarily known as a network for decentralised finance, its DeFi ecosystem has witnessed a boom in recent months. According to Defillama, a leading on-chain finance data provider, the total value locked on TON currently stands at $745.96 million as of writing after rising significantly from $22 million at the end of February 2024.

The Open Network plans to launch the Teleport BTC bridge later this year.

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First ETP for Near Protocol’s NEAR token unveiled on Sweden’s Spotlight Stock Market

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market. Valour currently operates one of the largest Solana ETPs. The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs. Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR. This groundbreaking ETP will be…

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market.
Valour currently operates one of the largest Solana ETPs.
The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs.

Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR.

This groundbreaking ETP will be available on Sweden’s Spotlight Stock Market, offering retail and institutional investors the opportunity to gain exposure to the decentralized application development platform.

NEAR ETP joins Valour’s diverse portfolio of ETPs

Valour already operates one of the largest Solana ETPs, Valour Solana, and offers a suite of staking products, including ETPs for Bitcoin, Ether, and Internet Computer.

Valour’s head of product, Elaine Buehler, emphasized the significance of this new fund, highlighting its potential to grant investors access to an asset renowned for its transformative impact on decentralized finance (DeFi) and non-fungible tokens (NFTs).

Near Protocol, designed to tackle common blockchain development challenges such as user onboarding and multi-chain operations, boasts a market capitalization of approximately $6.8 billion. This positions NEAR among the top 20 digital assets globally, according to CoinMarketCap.

The launch of NEAR ETP comes amid a wave of regulatory approvals in the United States, where investment managers BlackRock, Franklin Templeton, and VanEck recently received preliminary approval to list the first exchange-traded ETH products. Analysts predict this move will pave the way for more crypto exchange-traded products in the US, including potential Solana-based ETFs.

Valour’s parent company, DeFi Technologies, currently manages around $600 million in assets across various crypto-native strategies.

On July 16, DeFi Technologies expanded its footprint by acquiring trading desk Stillman Digital in an all-stock deal. This acquisition is expected to significantly enhance the Canadian crypto platform’s capabilities, potentially positioning it as a formidable competitor to larger entities like Galaxy Digital.

Valour’s new NEAR ETP represents a significant advancement for investors seeking exposure to innovative blockchain technologies, reinforcing the firm’s position at the forefront of digital asset investment products.