{"id":13374,"date":"2022-07-26T12:56:55","date_gmt":"2022-07-26T12:56:55","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/q2-bitcoin-sales-of-936m-gives-tesla-a-64m-gain\/"},"modified":"2022-07-26T12:56:55","modified_gmt":"2022-07-26T12:56:55","slug":"q2-bitcoin-sales-of-936m-gives-tesla-a-64m-gain","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/q2-bitcoin-sales-of-936m-gives-tesla-a-64m-gain\/","title":{"rendered":"Q2 Bitcoin Sales of $936M Gives Tesla a $64M Gain"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>Tesla made $936 million in the second quarter by <a href=\"https:\/\/igaming.org\/crypto\/tesla-sold-75-of-bitcoin-holdings-in-q2\/\">selling 75% of its Bitcoin holdings<\/a>, according to information provided in the company\u2019s 10-Q filing with the Securities and Exchange Commission on Monday. The sale was good for a $64 million gain. The filing <a href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/1318605\/000095017022012936\/tsla-20220630.htm\">detailed<\/a> statements and information provided in Tesla\u2019s quarterly earnings release and call on Wednesday.<\/p>\n<p>In the call, Tesla\u2019s Chief Financial Officer, Zach Kirkhorn, said that a majority of the company\u2019s Bitcoin was converted to fiat currency for a profit, but that they also had to take an impairment charge on the remaining portion of their holdings. This amounted to a $106 million hit to the Profit and Loss Statement within restructure and other.<\/p>\n<p>Tesla bought $1.5 billion worth of <a href=\"https:\/\/igaming.org\/cryptocurrencies\/section\/what-is-a-bitcoin\/\">Bitcoin<\/a> in the first quarter of 2021, but did not reveal the average price at which they were purchased. The company later <a href=\"https:\/\/igaming.org\/crypto\/tesla-turns-its-bitcoin-holdings-into-a-profitable-q1-after-selling-10\/\">sold 10% of its Bitcoin holdings<\/a> in the first quarter, adding $272 million in earnings for that quarter.<\/p>\n<p>Tesla neither added to nor subtracted from its Bitcoin holdings until it sold the 75% during the last quarter, a move that CEO Elon Musk said was to raise cash due to COVID-19 lockdowns in China, one of Tesla\u2019s biggest markets.<\/p>\n<p>Tesla did not reveal the price that they sold their Bitcoin for in the second quarter, but if they did, it would roughly have been around $29,000 per coin. This was a much more comfortable price than what Bitcoin was sitting at the end of the second quarter, just below $19,000.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/q2-bitcoin-sales-of-936m-gives-tesla-a-64m-gain\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) Tesla made $936 million in the second quarter by selling 75% of its Bitcoin holdings, according to information provided in the company\u2019s 10-Q filing with the Securities and Exchange Commission on Monday. The sale was good for a $64 million gain. The filing detailed statements and [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":13375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13374"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=13374"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13374\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/13375"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=13374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=13374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=13374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}