[Asia Economy New York=Special Correspondent Joselgina] Tesla revealed that its valuation loss from holding Bitcoin in the first half of this year amounted to 223 billion KRW.
According to the Wall Street Journal (WSJ) and others, Tesla submitted a report containing this information to the U.S. Securities and Exchange Commission (SEC) on the 25th (local time). It was confirmed that Tesla recorded an impairment loss of $170 million (223 billion KRW) from Bitcoin holdings over the past six months this year.
In the case of cryptocurrencies including Bitcoin, U.S. accounting standards classify them as intangible assets, and if the price falls below the purchase price, an impairment loss must be recognized. However, Tesla also reported that it sold Bitcoin in the second quarter and realized a gain of $64 million (approximately 84 billion KRW).
Tesla announced on the 20th that it sold 75% of its Bitcoin holdings when releasing its second-quarter earnings. At that time, the company explained that the sale was to offset cash flow disruptions caused by the Shanghai factory shutdown due to China's COVID-19 lockdowns. The company did not disclose the average purchase and sale prices of Bitcoin that would justify the realized gains.
Additionally, Tesla confirmed that it received a subpoena from the SEC on June 13 regarding compliance with the agreement to oversee CEO Elon Musk's Twitter activity. After Tesla and the SEC reached this agreement amid securities law violation controversies, Musk continued to post controversial tweets, prompting the SEC to issue another subpoena.
Meanwhile, on the same day in the New York stock market, Tesla closed the regular session down 1.40% compared to the previous session.
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