Tesla holds bitcoin steady, reports $112M impairment loss

Tesla (TSLA) held its bitcoin BTC$65,876.35 holdings unchanged during the second quarter, maintaining its treasury of 11,509 BTC as the cryptocurrency’s price declined 14% over the three-month period.

The electric vehicle maker reported an after-tax impairment loss of $112 million on its digital asset holdings, according to its latest earnings release. Tesla has neither bought nor sold any bitcoin since 2022.

Bitcoin fell from about $83,000 at the start of the second quarter to roughly $58,000 by the end of June amid broader macroeconomic uncertainty and volatility across risk assets. The cryptocurrency was recently trading at $65,840.

Tesla remains one of the largest publicly traded corporate holders of bitcoin, though its holdings are significantly smaller than those of firms such as Strategy (MSTR), which has continued to aggressively accumulate the cryptocurrency.

The company’s crypto update came alongside mixed second-quarter financial results. Tesla reported non-GAAP earnings per share of $0.33, missing analyst expectations of $0.55. Revenue came in at $28.2 billion, topping consensus estimates of $27.6 billion.

Gross margin was 16.8%, while GAAP net income totaled $1.11 billion. The company also reported negative free cash flow of $1.1 billion for the quarter.