Electric car manufacturer Tesla (TSLA) announced it earned a profit of $64 million from the sale of 75% of its BTC holdings, despite a $170 million impairment loss through the second quarter of 2022.
MicroStrategy.
Previously, Tesla announced that it had sold $936 million worth of its Bitcoins or 75% of its holdings in the second quarter. The company reported the revelation in its earnings report last Wednesday.
The company added $936 million worth of cash sales to its balance sheet to increase its cash flow in response to China's lockdown due to COVID-19.
The company may increase or decrease its digital asset holdings over time, according to the SEC filing:
“As with any investment and consistent with how we manage fiat-based cash and cash equivalent accounts, we may increase or decrease our holdings of digital assets at any time based on the needs of the business and on our view of the market and environmental conditions. "
This should not be taken as some verdict on Bitcoin. Tesla...
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