The financial report shows that Tesla’s bitcoin assets are impaired by $23 million

Digital assets such as Bitcoin have experienced a relatively high correction in the Q2 quarter of 2021, which makes many investors wonder whether Elon Musk has quietly cashed out. However, as Elon Musk promised on Twitter, Tesla did not carry out any undisclosed shareholding reduction.

However, Tesla impaired assets such as Bitcoin by $23 million in the quarter’s financial report, because according to generally accepted accounting principles, Tesla needs to calculate the lowest price of Bitcoin.

Tesla Model S Plaid

Image: Tesla

At the beginning of the year, Tesla, led by Elon Musk, announced its investment in Bitcoin. At that time, Tesla directly added $1.5 billion in Bitcoin.

In the subsequent reduction test, Tesla cashed out 10% of the bitcoin profits of $272 million. Since then, Tesla has not increased or reduced its bitcoin position.

Although the recent lowest price of Bitcoin has seen a 50% correction from the highest price, Elon Musk said that Tesla will not sell any more Bitcoin. The financial report also confirmed that Tesla did not sell any more Bitcoin assets. At present, Tesla still holds about $1.3 billion in Bitcoin assets.