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Tesla Sold About 75% of Its Bitcoin to Add $936 Million to Balance Sheet

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Tesla’s 2Q Profit Exceeds Estimates

Tesla Inc. said a Bitcoin impairment affected its second-quarter earnings and that it has converted about 75% of its Bitcoin purchases into fiat currency.

The conversions added $936 million of cash to the balance sheet, Tesla said in its earnings statement Wednesday. The automaker didn’t specify the size of the impairment. Bloomberg Intelligence said July 15 that the quarterly results could include a Bitcoin-related charge of about $740 million.