Tesla posts loss on Bitcoin trades

The automaker recorded a $204 million drop in Bitcoin-related transactions

Electric vehicle maker Tesla posted a gross impairment loss of $204 million on its Bitcoin holdings in 2022, according to a report filed with the US Securities and Exchange Commission (SEC).

Despite recording a profit of 64 million from converting BTC into current money, the net loss turned out to be 140 million due to cryptocurrency trading activities.

The volatility of the cryptocurrency price has negatively affected Tesla’s profitability, and the company explained that any decline in its values could result in impairment charges.

Tesla invested $1.5 billion in bitcoin in the first quarter of 2021, but withdrew its policy of accepting BTC payments shortly thereafter, selling 75 % of its holdings in the second quarter of 2022.

K. Tovar

Source: bitcoin.es

(Reference image source: file)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

Comments are closed.