Tesla saw a net loss of $140 million on its Bitcoin in 2022

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  • Tesla reported a profit of $64 million and an impairment loss of $204 million.
  • The company has revealed that it has sold 75% of its bitcoin holdings, holding around $184 million worth of BTC as of December 31, 2022.
  • The electric vehicle maker bought $1.5 billion worth of bitcoin in 2021.

Tesla has revealed that the company sold the most Bitcoin It was purchased in 2021, and took a significant loss on the digital assets it currently holds during the 2022 crypto crash.

In its Form 10-K Filing On Tuesday, January 31, Tesla disclosed with the US Securities and Exchange Commission (SEC) that it gained $64 million from its digital asset holdings when they were converted to fiat currency.

However, according to the filing, the electric car maker’s bitcoin stake also included an impairment loss of $204 million for the year ending December 31, 2022.

All of the gains recorded during the year were offset by a net impairment loss, a result of Tesla’s move to reorganize its operations around the asset. This means that the company recorded a net loss of $140 million in 2022 on its crypto trading.

,During the years ended December 31, 2022 and 2021, we recorded losses on such digital assets of $204 million and $101 million, respectively. During the years ended December 31, 2022 and 2021, we realized gains of $64 million and $128 million, respectively, in connection with the conversion of our digital assets into fiat currency.,” the company reported.

Tesla has sold 75% of its bitcoin

Elon Musk’s company reveals it has “acquired or bought”amortized amountof crypto last year. Tech Giant Raises $1.5 Billion buy bitcoin In 2021.

By December 31, 2022, Tesla had sold approximately 75% of its bitcoins. According to the filing, the company held digital assets worth about $184 million at the end of last year, down from $1.26 billion at the end of 2021.

While the fair market value of BTC as of 31 December 2021 was close to $2 billion (after bitcoin’s price soared to a high of $69,000), the fair market value of the company’s total crypto holdings at the end of 2022 was approximately $191 million.

This value could be much higher though, especially as the price of bitcoin has risen by almost 40% year-to-date. company’s stockConsider the bitcoin vs tesla stock comparison) has also risen over the past 30 days, with TSLA up nearly 56% YTD as of Tuesday morning.

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