Crypto22 July, 20262 min read
Tesla Holds 11,509 Bitcoin Despite $112 Million Impairment Loss
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Tesla maintained its 11,509 Bitcoin treasury unchanged in Q2 It recorded a $112 million after-tax impairment loss on digital assets in Q2
Tesla keeps 11,509 BTC
Tesla held its bitcoin treasury unchanged at 11,509 BTC during the second quarter, even as it recorded a $112 million after-tax impairment loss on its digital asset holdings. Bitcoin declined 14% over the three-month period, falling from about $83,000 at the start of the second quarter to roughly $58,000 by the end of June. By the time Tesla released its results, bitcoin had rebounded to around $65,840, but the impairment still reflected the value of Tesla’s holdings during the reporting period.
Tesla’s crypto update came alongside mixed second-quarter financial results, including revenue of $28.2 billion and non-GAAP earnings per share of $0.33. CoinDesk said Tesla has neither bought nor sold any bitcoin since 2022, extending a nearly four-year streak without changing the size of its position.
Accounting loss despite rebound
Tesla’s $112 million after-tax impairment loss was tied to accounting rules that require companies holding digital assets to recognize declines in value through earnings. CoinDesk described the impairment as reflecting the value of Tesla’s holdings during the reporting period, even after bitcoin recovered from late-June lows to around $65,840. Crypto News | Other added that Tesla adopted the Financial Accounting Standards Board’s updated crypto accounting standard in 2024, under which eligible crypto assets are valued at current market prices with quarterly gains or losses recognized through earnings.
That same source said the $112 million figure should be described as an after-tax fair-value or mark-to-market loss rather than an impairment charge under the accounting model Tesla previously used. CoinDesk also reported that Tesla reported negative free cash flow of $1.1 billion for the quarter, alongside gross margin of 16.8% and GAAP net income of $1.11 billion.
What Tesla did before
Tesla’s current approach contrasts with its earlier bitcoin activity, including an initial purchase of $1.5 billion worth of bitcoin in early 2021 disclosed in an SEC filing. Crypto News | Other said Tesla briefly allowed customers in the United States to buy vehicles with Bitcoin before Elon Musk suspended the payment option in May 2021, citing concerns about the use of fossil fuels in Bitcoin mining and transactions. The same source reported that Tesla later converted roughly $936 million of Bitcoin into cash during the 2022 sale, after which it retained its remaining coins through several large price cycles.
CoinDesk reported that Tesla sold roughly 75% of its holdings in 2022 but has maintained its remaining 11,509 BTC since then. Together, the sources frame Tesla’s second-quarter result as a continuation of a “wait-and-see” posture toward new purchases, while its reported earnings and cash flow remain pressured by the mark-to-market impact of bitcoin’s moves.