Tesla posts $112M unrealized crypto loss in Q2

Tesla recorded a $112 million unrealized loss on its digital assets in the second quarter after the carrying value declined to $674 million at June 30, 2026.

The paper loss reduced GAAP earnings by $87 million after tax, or $0.02 per diluted share. When calculating adjusted EBITDA, Tesla added back the full $112 million and reported adjusted EBITDA of $3.273 billion for the quarter. The company said the unrealized charge produced no operating cash outflow.

Tesla’s Q2 shareholder update shows the digital-asset balance fell from $786 million at March 31 to $674 million at June 30. The $112 million fair-value decline was recorded as an unrealized loss and flowed through net income under current accounting rules for crypto assets.

Under the Financial Accounting Standards Board’s guidance for crypto assets, holdings that meet the standard’s scope are measured at fair value each reporting period and changes in value are recognized in net income. That accounting treatment makes unrealized gains or losses affect GAAP earnings even when no coins are sold.

Tesla’s March 31 filing disclosed that Bitcoin made up the majority of its digital holdings, listing 11,509 BTC acquired for $386 million. The June 30 shareholder deck did not include an updated coin count or disclosure of any crypto sales. A Q2 Form 10-Q had not appeared on the company’s investor-relations page as of July 23, 2026, so the update on carrying value does not by itself confirm purchases or dispositions during the quarter.

The $674 million digital-asset balance represented about 0.454% of Tesla’s $148.524 billion in total assets at quarter-end.

Tesla previously recorded a sizeable fair-value benefit from crypto holdings in the fourth quarter of 2024, when the accounting treatment contributed about a $600 million increase to GAAP net income. The Q2 result is a separate fair-value decline recorded under the same reporting framework.