Tesla Has Almost $2 Billion In Bitcoin To Its Name

Tesla has almost $2 billion in Bitcoin, the company has confirmed via an SEC filing. That compares to around $1.5 billion in Bitcoin that was owned by Tesla in early 2021.

The news comes via a Tesla 10K  SEC filing that was released earlier today with the company saying that the $1.99 billion currently owned comes at current Bitcoin values and after the sale of some units.

As reported by Electrek:

“During the year ended December 31, 2021, we purchased and received $1.50 billion of bitcoin. During the year ended December 31, 2021, we recorded $101 million of impairment losses on such digital assets. We also realized gains of $128 million in connection with selling a portion of our holdings in March 2021. Such gains are presented net of impairment losses in Restructuring and other in the consolidated statement of operations. As of December 31, 2021, the carrying value of our digital assets held was $1.26 billion, which reflects cumulative impairments of $101 million. The fair market value of such digital assets held as of December 31, 2021 was $1.99 billion.”

Tesla did previously allow people to buy entire cars using Bitcoin but removed that capability following concerns about the amount of energy used when mining the cryptocurrency.

Tesla and CEO Elon Musk have said that support for Bitcoin car sales is coming back once the use of fossil fuels is less prevalent in its mining.

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