Despite its recent concerns about bitcoin’s environmental impact, Tesla hasn't sold any more bitcoin.
Elon Musk’s electric vehicle company reported no new sales or purchases of digital assets, according to its Q2 earnings presentation Monday. The company holds $1.3 billion in bitcoin.
Tesla reported a $23 million impairment on its bitcoin holdings. This is because bitcoin is considered an inventory asset, which means that under Generally Accepted Accounting Principles its value is recorded at the lowest price bitcoin hit in the quarter.
In May, Musk announced Tesla would no longer accept bitcoin for its products because of environmental concerns over bitcoin mining’s use of coal and other fossil fuels. Earlier this month, however, Musk said bitcoin’s environmental profile is improving and that Tesla would likely resume accepting bitcoin for payments.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.