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  • Home
  • News
    Five Chinese state-owned companies to delist their shares on Wall Street

    Five Chinese state-owned companies to delist their shares on Wall Street

    Crypto companies are increasing spending on sports sponsorships

    Crypto companies are increasing spending on sports sponsorships

    Qualcomm and GlobalFoundries to double semiconductor production

    Qualcomm and GlobalFoundries to double semiconductor production

    McDonald’s reopens restaurants in Ukraine after six months

    McDonald’s reopens restaurants in Ukraine after six months

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    OPEC downgrades oil demand outlook for the remainder of 2022

    OPEC downgrades oil demand outlook for the remainder of 2022

    Bank of England raises interest rates to 1.75%

    Bank of England raises interest rates to 1.75%

    How Pelosi’s trip to Taiwan could impact global markets?

    How Pelosi’s trip to Taiwan could impact global markets?

    Platinum and palladium drop in price on global slowdown

    Platinum and palladium drop in price on global slowdown

  • Markets
    Five Chinese state-owned companies to delist their shares on Wall Street

    Five Chinese state-owned companies to delist their shares on Wall Street

    Saxo Bank: UK is becoming an emerging market

    Saxo Bank: UK is becoming an emerging market

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    OPEC+ raises oil production target by 100,000 barrels per day

    OPEC+ raises oil production target by 100,000 barrels per day

    G7 proposes to block Russian oil transit

    G7 proposes to block Russian oil transit

    S&P 500: Top 4 sectors to invest in 2022

    S&P 500: Top 4 sectors to invest in 2022

    Janet Yellen: “We are not seeing a recession at this time”

    Janet Yellen: “We are not seeing a recession at this time”

    Inflation in the eurozone was 8.9% in July

    Inflation in the eurozone was 8.9% in July

    U.S. consumer spending rises more than expected

    U.S. consumer spending rises more than expected

  • Investing
    General Motors stock suffers due to supply problems

    General Motors stock suffers due to supply problems

    Callaway cuts earnings even on record revenues: good entry point

    Callaway cuts earnings even on record revenues: good entry point

    S&P 500: Top 4 sectors to invest in 2022

    S&P 500: Top 4 sectors to invest in 2022

    The price of coal is soaring: By investing in this company, you can benefit from the rise

    The price of coal is soaring: By investing in this company, you can benefit from the rise

    Farmland: Why are the rich investing in it?

    Farmland: Why are the rich investing in it?

    Jefferies anticipates difficulties for Lululemon: there is room to wait

    Jefferies anticipates difficulties for Lululemon: there is room to wait

    Mining companies earned millions in 2021: How to invest in them in 2022?

    Mining companies earned millions in 2021: How to invest in them in 2022?

    A textbook exit scam: the Juicy Fields case in detail

    A textbook exit scam: the Juicy Fields case in detail

    Which are the best dividend paying stocks in the S&P 500?

    Which are the best dividend paying stocks in the S&P 500?

  • Technology
    Electric cruise ships: a business niche about to set sail

    Electric cruise ships: a business niche about to set sail

    Qualcomm and GlobalFoundries to double semiconductor production

    Qualcomm and GlobalFoundries to double semiconductor production

    why are Apple and Google fighting over the color of bubbles?

    Why are Apple and Google fighting over the color of bubbles?

    Spotify’s financial results exceed expectations

    Spotify’s financial results exceed expectations

    General Motors and LG obtain 2.5 billion dollars to develop lithium batteries

    General Motors and LG obtain 2.5 billion dollars to develop lithium batteries

    Blockchain emerging as an alternative to SWIFT

    Blockchain emerging as an alternative to SWIFT

    Wages in the metaverse will be 50% higher, says study

    Wages in the metaverse will be 50% higher, says study

    $100 billion in revenue for China’s telecommunications industry

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    Germany’s Volkswagen to overtake Tesla in sales by 2024, according to Bloomberg

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    UK court finds Craig Wright’s claims “false”

    UK court finds Craig Wright’s claims “false”

    Security flaw allowed hackers to steal nearly $200 million from Nomad

    Security flaw allowed hackers to steal nearly $200 million from Nomad

    Solana opens an exclusive store in New York

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    Bitcoin developer wants currency to have “infinite supply”

    Titanium Blockchain CEO Pleads Guilty to Fraud

    Titanium Blockchain CEO Pleads Guilty to Fraud

INVESTOR TIMES
Home Cryptocurrencies

Tesla reports $64 million profit from Bitcoin sale

Santiago Contreras by Santiago Contreras
7/26/2022 - 17:53
in Cryptocurrencies
Reading Time: 2 mins read
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Once again Tesla and its CEO, Elon Musk, got it right. The car company’s decision to divest most of its Bitcoin ( BTC ) holdings earned it an extraordinary second-quarter profit, according to company reports.

Despite the bear market rocking the world’s largest cryptocurrency by market capitalization, Tesla (NASDAQ: TSLA ) managed to improve its results and balance its second-half numbers in the red.

During the first half of the year, the company posted a $170 million impairment loss “resulting from changes in the carrying value” of its BTC holdings, according to an official Form 10-Q filed with the U.S. Securities and Exchange Commission (SEC).

Selling bitcoins to improve numbers

The company sold 75% of its bitcoin holdings in the second quarter for a net gain of US $64 million. Tesla was able to offset the impairment loss from the cryptocurrency falling below its book value.

Earnings per share recorded by the electric car maker were US $ 2.27 during the second quarter on reported revenues of US $ 16.93 billion during the period.

Although there was a decline in earnings from the first quarter, it was still able to surpass the levels of twelve months ago. That did not prevent the company’s profitability from being affected by two basic factors: rising inflation and strong competition for battery cells.

Tesla still holds 10,800 BTC worth of assets on its books, according to data from Bitcoin Treasuries. That amount of cryptocurrencies is equivalent at current prices (US $21,000) to just over $226 billion.

The company said that in the future it could increase or decrease its positions further. Just as it does “with any investment and in accordance with how we manage fiat currency-based cash and cash equivalent accounts.”

“We may increase or decrease our digital asset holdings at any time based on business needs and our view of market and environmental conditions,” Tesla assured.

For his part, Elon Musk clarified at the time that Tesla’s decision to sell most of its holdings of the cryptocurrency, “should not be considered a Bitcoin verdict.”

“The reason we sold a lot of our Bitcoin holdings was that we weren’t sure when the Covid blockades in China would ease. So it was important for us to maximize our cash position,” Musk said.

“We are certainly open to increasing our Bitcoin holdings in the future,” he added. Although it is now known what the motive behind the cryptocurrency sale was. Simple accounting exercise to improve the company’s bottom line.

Elon Musk, CEO of Tesla.

Fed decisions and inflation pressures weigh on the market

In addition, there is a lot of uncertainty about when the cryptocurrency will be able to return to November 2021 levels, when it was trading above US $67,500. The bear market in digital assets could last for some more time as some analysts say

The brief uptrends seen these days may be nothing more than temporary movements. But what is really weighing on the price of BTC and other cryptocurrencies is the concern of crypto investors.

The fear is that the Federal Reserve will maintain its high interest rate policy for some more time to control inflation. The expected result would be an economic recession that will further affect the price of stocks and digital currencies

The price of Bitcoin on Tuesday continued to decline for the second consecutive day this week. According to popular cryptocurrency and financial services broker eToro, BTC was trading at 5:17 pm (GMT-4) at US $20,832.

Tags: BitcoinElon MuskFederal ReserveTesla

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