Tesla Inc. released its June quarter earnings on Monday. In its quarterly earnings, Tesla mentioned that it took a bitcoin-related impairment charge of $23 million.
The report showed that the company was still holding $1.3 billion worth of bitcoin on its balance sheet. Putting to rest speculations that the company might have trimmed its position during the period. This also means that Tesla hasn’t added to its digital assets position.
Bitcoin’s price dipping below $30,000 in the last three months only cost Tesla $23 million in impairment. And despite the hit, Elon Musk’s electric vehicle company reported a net profit of $1 billion.
According to Tesla’s second-quarter earnings, the company’s only crypto purchase remains the $1.5 billion buys in February this year. Out of which, $272 million worth of Bitcoin was cashed out before the end of March.
According to Musk, Tesla does not have any plans to sell Bitcoin in the near future. Going forward, the cryptocurrency is being kept in reserve for possible transactions.
And, ‘future transactions’ may not be too far away. Last week, during the B-Word conference, Musk disclosed that Tesla could be ready to accept Bitcoin payments again if the reports indicating that more than 50% of global Bitcoin mining is being done using sustainable energy hold true to further scrutiny.
He also revealed that it’s not just him and Tesla that have Bitcoin holdings, but SpaceX, even though he did not specify the amount.