According to the report, the corporation spent around $1.5 billion in Bitcoin in 2021. The corporation suffered a $101 million impairment loss on its Bitcoin holdings, but it also profited $128 million from the sale of a portion of its bitcoins in March 2021. Tesla said that “the fair market value of our bitcoin holdings as of December 31, 2021, was $1.99 billion.”
• The company suffered a $101 million impairment loss on its Bitcoin holdings in 2021
• Tesla gets a profit of $128 million from the sale of a portion of its bitcoins in March 2021
Tesla Inc’s (NASDAQ: TSLA) Bitcoin assets were valued at $1.99 billion as of December 31, 2021, according to a new Securities and Exchange Commission (SEC) filing on Monday.
According to the report, the corporation spent around $1.5 billion in Bitcoin in 2021. The corporation suffered a $101 million impairment loss on its Bitcoin holdings, but it also profited $128 million from the sale of a portion of its bitcoins in March 2021. Tesla said that “the fair market value of our bitcoin holdings as of December 31, 2021, was $1.99 billion.”
“We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash,” the company said in the filing. “As with any investment and consistent with how we manage fiat-based cash and cash equivalent accounts, we may increase or decrease our holdings of digital assets at any time based on the needs of the business and our view of the market and environmental conditions.”
Meanwhile, the news came in on the same day when the SEC issued another subpoena on Tesla, this time seeking information on the governance process around the settlement that ordered CEO Elon Musk's tweets to be scrutinized.
In regulatory documents released Monday, the automaker stated that the SEC issued the subpoena on November 16, 2021, about Tesla's compliance with a settlement negotiated with the agency after Musk announced that he would take the EV maker private.