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Tesla Held $2B Worth of Bitcoin as of Dec 2021

Tesla Held $2B Worth of Bitcoin as of Dec 2021
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The SEC tax filing of Tesla reveals $2B worth of bitcoin in the company’s account during the last months of 2021. It also recorded $101 Million of impairment losses in Bitcoin.

Elon Musk, the CEO of Tesla, is known for being a crypto-friendly billionaire. He is known for causing a spike in dogecoin price via his tweets. Elon showed interest in Bitcoin investment after Michael Saylor announced MicroStrategy’s Bitcoin buy-in.

Tesla’s bitcoin investment came to the surface in the first quarter of 2021. The electric car company announced a Bitcoin purchase worth $1.5 Billion. BTC price immediately rose following this news in the last February.

As of December 31, 2021, Tesla held $1.99 Billion worth of bitcoin at its fair market value. The data was presented in the annual filing of the company with the United States Security and Exchange Commission.

Nevertheless, the Bitcoin holding of the company suffered impairment losses worth $101 million as the value of the asset plunged.

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,

Tesla also started supporting Bitcoin payment for Cars, however, the decision was shortly withdrawn afterward stating the environmental concerns around BTC mining practices.

According to Data, Tesla is the second-largest investor of bitcoin with holdings of around 43,200 BTC. MicroStrategy remains the biggest investor totaling its holding at 125,000 BTC.

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