BlocksInform
Elon Musk’s electric vehicle maker Tesla was holding about $2 billion worth of Bitcoin (BTC) by the end of 2021, according to official records.
The “fair market value” of BTC held by Tesla as of Dec. 31, 2021, was $1.99 billion, the company said on Friday in its annual filing with the United States Securities and Exchange Commission.
The deposit indicates that Tesla sold a portion of its Canadian holdings in March 2021, with realized gains of $128 million. The company previously announced a historic $1.5 billion BTC purchase last February.
According to the filing, tesla recorded $101 million in impairment losses on bitcoin in 2021. "Gains are reported net of impairment losses in the event of restructuring or otherwise in the Consolidated Statement of Operations. As of December 31, 2021, the book value of our digital assets held was $1.26 billion, reflecting cumulative impairments of $101 million."
As previously reported by Cointelegraph, Tesla sold a portion of its BTC holdings in the first quarter of 2021, generating net proceeds of $272 million. The company was still holding on to BTC despite Tesla dropping Bitcoin payments support over BTC’s environmental concerns in May 2021.
Related: SEC rejects MicroStrategy‘s Bitcoin accounting practices
According to data from Bitcoin Treasuries, Tesla currently holds about 43,200 BTC, which makes the company the second-largest identified Bitcoin investor after Michael Saylor’s MicroStrategy, amassing a total of 125,000 BTC as of Jan. 31.
