E Point Perfect – Interesting and beneficial content

Tesla Expected to Report $440 Million Writedown on Its Bitcoin Holdings


article image

Alex Dovbnya

Tesla reported that it held roughly $2 billion worth of Bitcoin back in November

E-car maker Tesla is likely to report an impairment loss of roughly $440 million in its upcoming quarterly report, according to a Sunday report published by The Telegraph.

The world’s largest cryptocurrency is trading slightly above the $19,000 level at the time of writing this article.

Tesla caused a huge stir in the investment community by buying $1.5 billion worth of Bitcoin last February, pushing the price of the world’s largest cryptocurrency to record highs.

The e-car maker sold some of its holdings back in March 2021 in order to test the cryptocurrency’s liquidity.

Its Bitcoin stash has remained unchanged since then despite the fact that the company stopped accepting the leading coin for payments last May, causing a major price correction.

In February, Tesla reported that its Bitcoin stash was worth $2 billion

The Elon Musk-helmed company reported a Bitcoin-related impairment of $51 million. 


Source link

Related posts

Fantom (FTM) To Address These EVM Limitations

52,000 BTC Bought by Bitcoin Sharks Over Past Month: Report

Solana Sustains 15% Run, Two Good Reasons Driving Investor Sentiment

Top Ethereum Exchange Addresses Holding over 7 Million ETH, Here’s Signal for Price

No, USDD Is Not De-pegged Below $0.97, Tron DAO Insists

Dogecoin Down 10%, ADA Down 5%, Cardano Founder Says This on Markets