Tesla’s Bitcoin holdings reach nearly $2 billion in value

Tesla bitcoin

Tesla made headlines almost one year ago to the day when it announced the purchase of $1.5 billion worth of Bitcoin (BTC).

While the automaker no longer allows customers to purchase vehicles with the cryptocurrency, they still hold the majority of their initial purchase (they sold 10% as a test of Bitcoin’s liquidity).

In a 10-K filing with the U.S. Securities and Exchange Commission (SEC), Tesla disclosed their remaining Bitcoin holdings are now worth $1.99 billion.

The company also reported $101 million of impairment losses due to the value of BTC, along with gains of $128 million from the sale.

“For example, in the year ended December 31, 2021, we recorded approximately $101 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $128 million on certain sales of bitcoin by us.”

Tesla is expected to offer Bitcoin as a method of payment in the future, once their concerns about the use fossil fuels in Bitcoin mining are resolved.

While Bitcoin is off the menu for now, customers can use another cryptocurrency, Dogecoin, to purchase some merchandise on the Tesla Shop.

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Founder and Editor-in-chief of Drive Tesla Canada | Darryn@DriveTeslaCanada.ca Have a Tesla tip? Email tips@driveteslacanada.ca, or DM us on Twitter @DriveTeslaca