At the end of 2021, Tesla says it held nearly $2 billion worth of bitcoin.
- Tesla announced on Monday that it has $1.99 billion in bitcoin at the end of 2021.
- In 2021, the company purchased approximately of $1.5 billion in bitcoin.
Tesla claimed in a filing with the Securities and Exchange Commission on Monday that it had roughly $2 billion in bitcoin at the end of last year.
In 2021, the corporation invested a total of $1.5 billion in bitcoin. On December 31, the cryptocurrency was trading at $46,000, up nearly 60% from the start of the year. It had fallen as low as $30,000 in July because to fears of a Chinese regulatory crackdown, but had recovered to an all-time high of nearly $68,000 by early November. On Monday morning, Bitcoin was trading just below $43,000.
Tesla briefly accepted bitcoin as a form of payment before discontinuing it in May due to environmental concerns.
Tesla doesn't treat bitcoin as a mark-to-market asset, so it only has an impact on earnings when it buys or sells it. As a result, the reduction in bitcoin's value should have no impact on earnings as long as Tesla hasn't sold any of its bitcoin assets.
Tesla recognised $101 million in impairment losses on its bitcoin investment in 2021, citing a drop in the cryptocurrency's value in a filing with the Securities and Exchange Commission. Tesla also revealed that it made a $128 million profit after selling a piece of its stock in March. During the year, Tesla made a total gain of $27 million in crypto trades, which was represented as a negative loss in restructuring and other charges.
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