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Tesla has sold most of its bitcoin and lost nearly 1.4 billion yuan in 2022

via:IT之家     time:2023/2/1 16:01:56     readed:89

Tesla has confirmed that IT still owns Bitcoin, but has sold a lot of it and lost $200 million (currently about 1.352 billion yuan) on the cryptocurrency.

Tesla invested $1.5 billion in bitcoin in early 2021. Soon after, the automaker began accepting cryptocurrency as payment for new cars. A few days later, however, Tesla removed the Bitcoin payment option.

Tesla recently released its 10-K financial filing with the U.S. Securities and Exchange Commission (SEC), revealing more details about its "digital asset reorganization," IT Home has learned.

In its filing, the company wrote:

In 2022 and 2021, we purchased and/or received immaterial digital assets worth $1.5 billion each. As of December 31, 2022, we have converted approximately 75% of our digital assets into legal tender. In 2022 and 2021, we recorded impairment losses of $204 million and $101 million, respectively, on these digital assets and realized gains of $64 million and $128 million, respectively, from converting our digital holdings into fiat currency. These earnings are stripped of restructuring and other impairment losses in the consolidated statements. As at December 31, 2022 and December 31, 2021, the carrying value of our digital holdings was $184 million and $1.26 billion, respectively, representing cumulative impairment losses of $204 million and $101 million, respectively.

In short, Tesla sold most of its bitcoin in 2022, but the company still holds about $184 million worth of bitcoin, while taking an impairment loss of $204 million in 2022.

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