Find out how much Tesla achieved from the recent bitcoin price hike!

Find out how much Tesla achieved from the recent bitcoin price hike!

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Answer Find out how much Tesla achieved from the recent bitcoin price hike!

Tesla has released its earnings for the third quarter.

It reported a $51 million impairment charge on its bitcoin holdings in the last quarter, But hey, complete the article to understand how much Bitcoin has earned Tesla!

Throughout the year, Tesla CEO Elon Musk was present with his controversial comments about the crypto market, and at many times he was regularly pumping Dogecoin.

On February 8 of this year, Tesla announced that it had invested $1.5 billion in Bitcoin.

In accounting parlance, an impairment charge is a number given to describe the decline in the recoverable amount of an asset.

Read:Bitcoin Dominance Reaches 4-Year Low Before Ethereum Consolidation and Cardano Upgrade

Cuts can occur if the asset is damaged (in the case of a valuable physical asset), or in the case of a volatile digital asset such as cryptocurrency, if the price falls.

Tesla can no longer claim that it is recording a decline in its bitcoin holdings.

How Much Bitcoin Does Tesla Own?

According to a first-quarter filing with the SEC, Tesla announced that on March 31, its bitcoin holdings were valued at $2.48 billion.

At the time, the bitcoin price was estimated at $59,000, which indicates that Tesla owns about 42,000 bitcoins.

The filing revealed that the “book value” (the original price I paid) for a bitcoin holding at the end of the first quarter was $1.33 billion, indicating a sale of $170 million worth of bitcoin, at book value.

This was done to demonstrate how liquid Bitcoin is as an alternative to holding cash on the balance sheet, according to Elon Musk’s tweet.

But this is a cryptocurrency, and the values ​​can fluctuate wildly from month to month.

In the SEC filing, Tesla revealed that it made $101 million in profit from the sale of 10% of its holdings at the end of March, meaning the cash value of bitcoin sold at that time was more than $270 million.

Read:Learn about the details of listing the digital currency “Dogecoin” on the “Coinbase” trading platform

So, if the after-sale Bitcoin Tesla holding value was $1.33 billion and only 42,000 BTC left, the price you originally paid for Bitcoin averaged around $31,620.

Amid this week’s new highs, a single bitcoin is worth about $63,300 today, which means Tesla owns more than $2.67 billion worth of bitcoin, an increase of more than $1 billion since the first quarter.

Read also:

Bitcoin breaks its previous peak and records a new price high

France tests its own CBDC with 10 months of preparation

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