Tesla Informed the SEC! Profit or Loss in Bitcoin (BTC)?

to the U.S. Securities and Exchange Commission (SEC) According to an application, Tesla last year Bitcoin (BTC) It made a loss of more than 140 million dollars on its investments.

Tesla Details Loss of $140 Million in Bitcoin (BTC) in SEC Filing

The electric car company’s Bitcoin losses have doubled since 2021. The electric car maker made $64 million in Bitcoin in 2022, while it lost $204 million.

The annual statement to the SEC comes a week after Tesla’s quarterly earnings report, which doesn’t include Bitcoin transactions but still shows its holdings plummeting in value and making a $43 million loss in the last four months of 2022.

In February 2021, Tesla made a staggering $1.5 billion investment in Bitcoin, making it one of the largest institutional owners of the cryptocurrency after MicroStrategy. At that time, Bitcoin was trading at $46,364 per coin.

But the good times did not last long as Bitcoin and the rest of the cryptocurrency market took a drastic fall in 2022. As of January 31, 2023, Bitcoin (BTC) is trading at about $22,990.

Tesla’s impairment losses have nearly doubled since 2021, with an SEC filing that year Tesla reported $101 million in impairment losses in digital assets and $128 million in gains after selling Bitcoin in 2021.

In October 2022, Tesla informed investors that the company still owns over $218 million in Bitcoin after selling 75% of its assets in July.

*Not investment advice.

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