Tesla reported that it suffered a $170 million impairment loss on its investment in Bitcoin during the first 9 months of this year.
The report also stated that Tesla gained roughly $64 million by converting some of the Bitcoin that it owned into fiat money.
The electric car company offloaded $936 million in Bitcoin during Q2 2022, something Musk reportedly ordered in an attempt to gain back cash due to pandemic-related profit and revenue losses in Tesla’s China market. Tesla originally invested $1.5 billion into BTC in January 2021.
Tesla still holds about $2.18 million in BTC per the company’s Q3 2022 earnings report. Bitcoin is down just under 68% in one year and a 72% drop from its all-time high of $68,789.63 in November of last year, per most recent data on Monday.
Still, Tesla is coming off of a strong third quarter despite BTC losses, clocking in a net income of $3.33 billion, over double the amount at the same time last year.