Tesla’s Bitcoin losses rise to $170M in the first 9 months of 2022
Cointelegraph
Published Oct 24, 2022 11:16AM ET
Updated Oct 24, 2022 01:00PM ET
According to Tesla’s latest Q3 earnings report filed with the United States Securities and Exchange Commission, the electric vehicle (EV) manufacturer disclosed that it has invested a total of $1.5 billion into Bitcoin (BTC) since early 2021. Of this amount, the firm is currently sitting at $170 million of unrealized loss from the change in the fair value of its investment. This is offset by a gain of $64 million from realized profits on Bitcoin at various points in the last two years, leading to a net loss of $106 million by the end of Q3.
Tesla’s losses did not materially affect its core operations, the filing said. Year-over-year, the EV manufacturer’s profits grew 169% from $3.3 billion in the first nine months of 2021. However, Tesla (NASDAQ:TSLA) says that it’s only holding roughly $218 million worth of Bitcoin on its balance sheet.
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Written By: Cointelegraph
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