Electric car manufacturer Tesla (TSLA) has announced it earned a profit of $64 million from the sale of 75% of its BTC holdings. This came to be despite a $170 million impairment loss through the second quarter of 2022.
According to the statistics of “BitcoinTreasuries”, Tesla currently holds 10,800 bitcoins (the current price is about $237 million). This is still the second largest listed company in the United States, followed by MicroStrategy.
Tesla had earlier 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 Q2 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.
Tesla’s CEO Elon Musk has stated that Tesla is open to increasing its crypto holdings in the future despite selling off 75% of BTC now.
Tesla has earned $2.27 per share in the second quarter on revenue of $16.93 billion. Although profitability was down compared to the first quarter, it was up from a year ago.
Tesla also raised its capital project spending plan for this year and the next two years by about $1 billion, which the company said is expected to reach between $6 billion and $8 billion a year in the next few years.
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