Electric Vehicle car maker Tesla has registered about $101 million in impairment losses from Bitcoin holdings after the currency’s value downgraded from last year, per the documents revealed Monday.
According to the filing, Tesla roughly holds $1.99 billion worth of Bitcoins as of December 2021. The company bought about $1.5 billion in BTC after announcing plans to accept it as a means of payment.
Tesla CEO Elon Musk later terminated the program, citing the environmental impact of Bitcoin mining. However, Tesla refrained from selling its holdings at the time and kept it for reasons unknown. At a later date, Musk noted
that he would reconsider his decision when at least 50% of Bitcoin mining will be conducted using renewable energy.
“During the year ended December 31, 2021, we recorded $101 million of impairment losses on bitcoin. We also realized gains of $128 million in connection with selling a portion of our holdings in March 2021,” the company said in its filings.
At the time of writing, Bitcoin was trading at $42,867.05, down by 37% from its all-time high of $69,044.77 recorded in November 2021.