$61,736.00
-3.84%$3,017.15
-3.06%$6.67
-0.80%$549.90
0.83%$134.71
-4.36%$1.00
0.07%$3,012.43
-3.09%$0.496731
-0.58%$0.148666
-5.95%$6.04
-8.04%$0.450093
-2.87%$0.00002216
-3.04%$34.34
-2.46%$0.10974
-2.78%$61,751.00
-3.78%$473.07
-2.97%$13.26
-2.02%$0.674082
-4.77%$80.27
0.59%$5.49
0.77%$12.10
-2.41%$5.83
-0.56%$7.07
-1.87%$9.14
-2.36%$1.16
0.28%$25.68
-3.29%$1.00
-0.03%$2.30
-3.78%$55.42
-4.18%$0.122142
-4.63%$5.91
-2.85%$8.14
-0.33%$0.108416
-1.07%$457.79
-9.27%$1.13
-2.75%$7.84
-5.01%$3,216.29
-2.04%$0.079764
-0.79%$0.03833614
-5.68%$1.91
-1.04%$0.118385
-3.09%$2.45
-10.42%$1.001
0.07%$25.97
3.00%$0.244367
-5.57%$2.20
-2.11%$3,123.94
-3.07%$118.25
-4.26%$0.00000494
-8.45%$1.99
-4.28%$2.02
-1.77%$2.12
-13.36%$0.667589
-3.32%$1.27
6.57%$9.83
-9.67%$1.94
-4.27%$3,332.18
-2.71%$1.26
2.23%$24.38
-2.45%$0.04106328
-2.44%$4.55
-12.17%$102.88
-0.97%$3,083.65
-3.29%$0.503353
-1.75%$0.02603662
-7.55%$0.169478
-2.97%$9.25
-0.27%$0.00013532
-6.57%$0.919244
-11.70%$0.861133
-3.22%$65.59
-3.31%$0.953505
-4.69%$84.76
-2.43%$0.02473672
-17.57%$0.03217947
0.40%$0.00000124
-4.00%$3,015.27
-2.07%$16.91
-9.67%$0.790481
-3.85%$1.14
-0.43%$13.65
-0.14%$40.28
-1.45%$0.816662
-4.59%$0.56854
-8.58%$7.00
-0.55%$0.112576
1.78%$2.13
-0.33%$0.00004998
-5.30%$3.12
-2.73%$0.432594
-1.27%$0.959573
-4.36%$0.00001417
-5.47%$0.02102698
-6.36%$4.83
-3.79%$2.79
-4.39%$0.230444
-4.00%$1.24
-4.65%$6.69
-2.11%$42.56
-2.34%$15.68
-3.19%$3.81
-4.62%$0.579333
-3.33%$328.71
-2.44%$0.0176005
-6.50%$0.737106
-2.42%$0.77618
-1.43%$158.99
-3.96%$0.428339
-1.59%$8.18
-2.06%$1.20
-0.80%$3,040.58
-3.15%$1.16
0.44%$0.988064
0.28%$0.218868
-3.13%$0.65154
-0.57%$12.15
-1.61%$0.636242
-6.85%$4.15
-5.29%$2.72
-1.26%$3,009.23
-2.25%$1.20
-6.06%$2.13
-0.38%$17.66
-9.10%$0.181673
-0.90%$1.59
-8.55%$0.99872
0.14%$3,165.89
-3.52%$159.78
-3.26%$0.091145
-2.28%$34.92
-4.20%$0.915807
-2.43%$3.61
-4.20%$0.00172652
-5.16%$6.10
-2.16%$2,380.67
-0.13%$0.379143
-4.98%$0.00009918
-3.47%$3,208.52
-3.03%$88.27
-5.76%$1.79
-0.16%$0.09782
-0.90%$0.673607
-12.20%$0.083646
-2.52%$0.051937
-4.82%$0.00000026
-5.71%$5.34
-1.66%$0.28116
-1.61%$1.45
-3.09%$0.03691299
0.09%$0.84361
-4.77%$0.431399
-0.67%$0.998414
-0.15%$0.00905565
2.27%$3,260.63
-2.60%$0.051867
-4.27%$0.056919
-11.09%$0.09163
-1.74%$0.371394
-6.29%$0.322506
-0.94%$0.00514914
-18.27%$1.82
-7.94%$0.232781
-1.65%$0.388296
-3.33%$0.00000045
-3.68%$0.428551
-4.65%$2,393.36
0.10%$0.0237194
-3.07%$0.04321757
0.30%$1.027
-1.71%$0.943321
-5.43%$13.43
-1.65%$0.783668
-0.79%$0.489343
-2.27%$0.0073719
-7.76%$0.600284
-2.14%$0.02493032
-6.93%$20.18
-2.92%$3.54
-8.37%$0.596007
-8.89%$0.554424
-2.13%$3.69
-1.88%$51.34
-18.95%$0.02891118
-4.78%$1,238.40
-3.85%$0.00692101
-4.06%$3.72
-5.68%$0.00219493
-3.39%$4.88
-2.09%$1.46
-4.55%$0.504666
-2.64%$11.78
-2.47%$3.52
-13.39%$3,091.09
-3.21%$0.793439
-4.21%$0.900262
-3.37%$52.89
-1.26%$0.03017362
-2.15%$0.239005
-2.56%$0.35611
-2.73%$0.697509
-2.58%$28.04
-0.87%$2.80
3.97%$5.03
-4.10%$20.31
-1.27%$60.60
-3.14%$8.02
-3.18%$57.62
-2.15%$1.56
-1.08%$21.19
-1.50%$0.03292898
-2.49%$0.03510937
-2.74%$3.29
-2.06%$0.02498148
-15.55%$0.249618
-1.83%$0.7168
-5.47%$29.80
-0.99%$0.39743
-3.21%$3.37
-17.10%$0.875141
-3.26%$0.0057736
-2.23%$0.105057
2.56%$3.47
-12.47%$1.21
-3.31%$0.03184167
-4.26%$0.279337
-5.70%$30.60
-0.72%$28.49
-2.05%$0.290054
-8.09%$38.98
-2.51%$2.59
9.79%$2.26
-2.11%$0.300315
-2.02%$0.81973
-4.85%$14.26
-3.64%$62.13
-2.06%$0.27144
-2.16%$24.43
-54.60%$35.76
-6.95%$0.700072
-2.18%$3.52
-7.83%$0.00334372
-4.00%$23.52
0.30%$1.059
-5.13%$0.793238
-4.37%$0.30327
-2.85%$0.374119
-4.07%$0.00000032
2.02%$0.360858
32.00%
Tesla sold 75% of its Bitcoin, worth approximately $936 million, according to its Q2 earnings report.
In its after-market earnings announcement, the electric car manufacturer founded by Elon Musk said in a shareholder presentation that “Bitcoin impairment” had a negative impact on its profitability during the second quarter, when it posted $2.5 billion in operating income.
The crypto market immediately reacted to the news.
Bitcoin (BTC), which made it above $24,000 on Wednesday, dropped sharply right after markets closed at 4 p.m. Eastern Time. It was trading at $23,078.18 at the time of writing, down 2.5% in the last hour, according to CoinMarketCap.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, was also down 3% in the last hour following the news from Tesla’s earnings report.
Tesla and Musk have had an on-again, off-again relationship with Bitcoin.
The electric vehicle company invested $1.5 billion in Bitcoin in February 2021, after changing its investment policy in January to allow it to hold digital assets. It was seen as a very bullish move at the time. So much so that BTC hit what was then a new all-time high of $43,000.
Then, in May 2021, Musk seemed to sour on BTC as he announced that Tesla would stop accepting it as payment, citing concerns over the environmental impact of Bitcoin mining.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
In its 2022 first quarter report, filed in April, TSLA wrote that it believes in Bitcoin’s “long-term potential of digital assets both as an investment and also as a liquid alternative to cash.”
But it also warned shareholders that price changes tend to impact its profitability, which now seems like a harbinger for Wednesday’s announcement.
“For example, in the first quarter of 2021, we recorded approximately $27 million of impairment losses resulting from changing to the carrying value of our Bitcoin and gains of $128 million on certain sales of Bitcoin by us,” the company wrote in its April 25 SEC filing.
