(RTTNews) – Luxury electric car maker Tesla Inc. (TSLA) on Monday revealed that it still holds nearly $2 billion in bitcoin.
In its annual report to the Securities and Exchange Commission, Tesla said that in the first quarter of 2021, the company had invested $1.50 billion in bitcoin. The company recorded a $101 million impairment loss due to its investment in bitcoin. “The fair market value of our bitcoin holdings as of December 31, 2021 was $1.99 billion,” the company said.
Bitcoin’s price was up nearly 60% at the year-end trading above $46,000 on December 31. The cryptocurrency had slipped to as low as $30,000 in July amidst crackdown against the virtual currency in China. However, the bitcoin climbed to an all-time high by early November.
In early February last year, Elon Musk’s company had revealed its investment of $1.5 billion in Bitcoin. The company also accepted the cryptocurrency as a form of payment for cars last year.
However, the company backtracked from its position and said it would no longer accept Bitcoin against the sale of Tesla electric vehicles due to its huge consumption of fossil fuels during the Bitcoin mining process.
Bitcoin is currently trading at $44,275.36, up 6%. However, bitcoin has dropped nearly 5% so far this year and is down nearly 40% from its all-time high of $68,900.90 in November.
TSLA is currently trading at $921.22, down $2.10 or 0.23%, on the Nasdaq. The stock is down near 13% in the year-to-date period.
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