Tesla holds bitcoin treasury steady, reports $112M impairment loss
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- Tesla held its bitcoin treasury at 11,509 BTC unchanged, booking a $112 million after-tax impairment loss and extending a no-trade streak that dates back to 2022.
- Bitcoin dropped 14% during Q2, falling from about $83,000 to $58,000 before recovering to roughly $65,840 at the time of reporting.
- Tesla reported Q2 revenue of $28.2 billion, beating the $27.6 billion consensus estimate, but adjusted EPS of $0.33 missed the $0.55 analyst expectation, alongside negative free cash flow of $1.1 billion.
- Tesla first purchased $1.5 billion in bitcoin in early 2021, briefly accepted it for vehicle payments, then suspended that option over environmental concerns and sold roughly 75% of holdings in 2022.
- Strategy (MSTR) continues to aggressively accumulate bitcoin, holding significantly more than Tesla despite Tesla remaining one of the largest publicly traded corporate holders.
Why it matters: Tesla's $112 million impairment is a paper loss under accounting rules requiring mark-to-market treatment on digital assets, not a realized hit, and bitcoin has already partially recovered from Q2 lows near $58,000. But the 40% EPS miss versus the $0.55 estimate, paired with $1.1 billion in negative free cash flow, shows operating pressure that goes beyond crypto volatility.
