Tesla said that it investment an aggregate of $1.5 billion in bitcoin in the first quarter of 2021.
By Jamie Crawley
Tesla recorded around $101 million of impairment losses from changes in the value of their bitcoin holdings in 2021.
Elon Musk's electric vehicle company disclosed these losses in a filing with Securities and Exchange Commission (SEC) explaining how its digital asset holdings could affects its profitability.
"In the year ended December 31, 2021, we recorded approximately $101 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $128 million on certain sales of bitcoin by us," the filing said.
Tesla said that it made an aggregate investment of $1.5 billion in bitcoin in the first quarter of 2021. The market value of its bitcoin holdings as of the end of 2021 was $1.99 billion.
A year ago, the company announced that it had purchased $1.5 billion worth of bitcoin and thereafter began accept it as a form of payment. In May, Tesla CEO Elon Musk went back on this announcement over concerns about the environmental impact of bitcoin mining.
Musk later said that the company would accept the crypto once it is confirmed that 50% of mining is carried out using clean energy.
Source : coindesk.com
