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Tesla keeps its bitcoin treasury at 11,509 BTC despite a Q2 drop
Tesla recorded a $112 million after-tax impairment loss on its bitcoin holdings in the second quarter, while reporting $28.2 billion in revenue and negative free cash flow.
Tesla maintained its bitcoin treasury at 11,509 BTC through the second quarter, extending a nearly four-year streak without buying or selling the cryptocurrency, CoinDesk reported. The impairment was tied to bitcoin price declines during the quarter, when the asset fell about 14% from roughly $83,000 to about $58,000 before later rebounding.
CoinDesk said Tesla booked an after-tax impairment loss of $112 million on its digital asset holdings under current accounting rules that require companies to recognize declines in the value of cryptocurrencies in earnings. Tesla has not bought or sold bitcoin since 2022, according to the report.
In parallel, Tesla reported mixed second-quarter results, with revenue of $28.2 billion beating expectations and adjusted EPS of $0.33 missing analyst forecasts of $0.55, CoinDesk said. The company also reported negative free cash flow of $1.1 billion for the quarter, alongside a 16.8% gross margin and GAAP net income of $1.11 billion.
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