Bitcoin News - The electrical vehicle maker recorded $34 million in impairment charges.
- Tesla’s total cryptocurrency holdings amounted to 10,725 BTC.
In the newest financial report, printed on Wednesday, Tesla stated it had neither acquired nor offered any Bitcoin within the 4th quarter of 2022. However, the electrical vehicle maker recorded $34 million in impairment charges as the need for its Bitcoin assets fell to $184 million from $218 million in Q3 2022.
An impairment charge takes place when the fair market price of the asset falls below its transporting amount or its purchase cost. Based on Tesla’s questionnaire, the need for the business’s Bitcoin holdings has decreased even though the amount of Bitcoin held by the organization has continued to be exactly the same.
Fifth Largest Openly Traded Firm to carry Bitcoin
Based on CMC, the cost of Bitcoin was slightly under $20,000 in the finish of September 2022, also it dropped close to $16,000 through the finish of the season. When Tesla announced a $1.5 billion purchase of Bitcoin in Feb 2021, it joined the ranks of enterprises holding the main cryptocurrency, delivering the cost of BTC to new record highs.
Elon Musk justified the $936 million in digital asset sales that made an appearance around the company’s balance sheet at that time by citing the unpredictability of Covid lockdowns in China and the requirement to optimize income.
Following a purchase, Tesla’s total cryptocurrency holdings amounted to 10,725 BTC. The firm stored the hoard kept in storage throughout the other half of 2022, regardless of the market upheaval. Thus, Tesla has become the 5th-largest openly traded business to possess Bitcoin in the assets. Based on data, MicroStrategy, brought by Michael Saylor, continues to be towards the top of their email list with 132,500 BTC, or even more than $3 billion at today’s prices.
