2 November 2024
Tesla Might Report an Impairment Loss of $440M On Its Bitcoin Holdings
According to sources, the electric car maker Tesla is likely to report an impairment loss of roughly $440 million in its upcoming quarterly report.
Currently, the world’s leading Cryptocurrency, Bitcoin, is trading slightly above the $19,000 level.
Last year in February, Tesla invested around $1.5 billion worth of Bitcoin which pushed the price of the world’s largest cryptocurrency to record highs.
In order to test the cryptocurrency’s liquidity, the e-car maker sold some of its holdings back in March 2021.
Since then, Tesla’s Bitcoin holdings have remained unchanged. In last May, the company stopped accepting BTC payments, causing a major price correction.
This year in February, Tesla reported that its Bitcoin holding was worth $2 billion.
However, the company reported a Bitcoin-related impairment of $51 million.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice
Discussion
0 comments