Tesla Inc announced on Monday that the company’s bitcoin assets as of Dec. 31 were worth $1.99 billion at fair market value. Tesla, which invested $1.50 billion in bitcoin last year, disclosed around $101 million in impairment losses owing to the value of bitcoin in its annual filing with the US Securities and Exchange Commission.
Due to the decline in the value of bitcoin, the corporation recorded losses as the value of its assets decreased. Tesla has previously accepted bitcoin as payment for the sale of some items.
Tesla CEO Elon Musk, on the other hand, discontinued taking the digital money, citing environmental worries over bitcoin mining.
The corporation reported a gain of $128 million on bitcoin sales after the sale of a part of its assets in March. Tesla has made no subsequent disclosures regarding its bitcoin holdings.
