Did Tesla Make Profit on its Bitcoin Investment?

cryptonews.com:

The electric car maker Tesla sold off 75% of its bitcoin (BTC) holding for “a realized gain” in the second quarter, prompting speculations on how this investment went for the company. The sale is believed to have been made at a price of around USD 29,000, higher than the lows seen during the quarter.

In an earnings report released on Wednesday, Tesla revealed that it had offloaded bitcoin worth some USD 936m during the second quarter. The selling leaves the company with digital assets worth USD 218m, with the bulk of that likely to be bitcoin.

“[…] we converted a majority of our Bitcoin holdings to Fiat for a realized gain, offset by impairment charges on the remainder of our holdings, netting a USD 106 million cost to the [profit & loss],” said Tesla’s chief financial officer Zachary Kirkhorn during the earnings call that followed the release.

“A realized gain” would indicate that Tesla sold the bitcoin for more than it paid for it.

Among observers online, some still said that the bitcoin was likely sold at a loss. However, the overall result could be more or less flat when factoring in a gain made on a bitcoin sale Tesla made earlier.

According to various estimations, Tesla held around BTC 42,000 heading into the second quarter. In that case, after selling 75% of that, around BTC 10,500 are likely left in the company’s coffers. Moreover, the USD 936m proceeds from the sale would indicate a selling price of around USD 29,000 per bitcoin.

Tesla first added bitcoin to its balance sheet in February of 2021, when it bought USD 1.5bn worth of the digital currency. At the time, BTC traded in the USD 30,000 to USD 40,000 range. However, in the first quarter of 2021, Tesla sold 10% of the BTC holdings, claiming that the firm wanted