Tesla’s Bitcoin losses rise to $170M in the first 9 months of 2022
According to Tesla’s latest Q3 earnings report filed with the United States Securities and Exchange Commission, the electric vehicle (EV) manufacturer disclosed that it has invested a total of $1.5 billion into (BTC) since early 2021. The firm currently has $170million of unrealized losses from the change of its fair value. This is offset with a gain $64 million in realized Bitcoin profits at various points during the last two years. This results in a net loss to $106 million at the end of Q3.
Tesla’s losses did not materially affect its core operations, the filing . Year-over-year, the EV manufacturer’s profits grew 169% from $3.3 billion in the first nine months of 2021. However, Tesla (NASDAQ:) says that it’s only Bitcoins worth around $218 million on its balance sheets.