Tesla Bitcoin Holdings Worth $2 Billion- Filing

• Tesla announced on Monday that the market value of its Bitcoin holdings as of Dec. 31 is $1.99 billion

• The electric car maker disclosed that it suffered $101 million in impairment losses after investing $1.5 billion in BTC last year

• The company revealed that it gained $128 million on sales of the flagship cryptocurrency after selling a portion of its holdings in March

Elon Musk’s Tesla Inc. disclosed on Monday that the market value of its bitcoin holdings as of Dec. 31 was $1.99 billion.

In its annual filings with the Securities and Exchange Commission, the electric car maker revealed that it had invested $1.50 billion in bitcoin last year.

After that, Tesla announced that it was going to begin accepting the flagship cryptocurrency as payment before going back on this decision in May 2021.

CEO Elon Musk cited concerns about the environmental impact of bitcoin mining as the reason for the reversal of the company’s decision.

Musk later said that the company would accept the crypto once it is confirmed that 50% of mining was done with green energy.

The company however suffered a $101 million impairment loss in the fourth quarter after the value of the flagship cryptocurrency dropped.

From an all-time high of $69,000 attained in November, Bitcoin fell to $32,000.

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The world’s largest cryptocurrency has since recovered partially. At the time of this report, one unit of Bitcoin is worth $43,342, according to data from CoinMarketCap.

“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,”

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