The electrical car (EV) maker disclosed in its annual report to the Securities and Change Fee that it posted a US$101 million ($141.78 million) impairment loss resulting from its funding in Bitcoin.
The loss is actually an accounting subject, and it doesn't impression Tesla's general monetary well being all that a lot.
The corporate nonetheless has about US$2 billion ($2.81 billion) in Bitcoin on its stability sheet, based on the SEC submitting.
And Tesla did document a US$128 million ($179 million) achieve on its bitcoin funding following the sale of a few of these holdings in March 2021.
Shares of Tesla have been up 2 per cent Monday morning.
However the inventory has tumbled greater than 10 per cent this yr as traders transfer out of tech shares and into extra value-oriented sectors comparable to oil.
Bitcoin costs rallied Monday as properly, gaining about 4 per cent to round US$43,000 ($60,362).
However the value of 1 bitcoin has fallen greater than 7 per cent to date this yr and is down roughly 40 per cent from its all-time excessive of just below US$69,000 ($96,860) in November.
Tesla made an preliminary US$1.5 billion ($2.11 billion) funding in Bitcoin in early 2021.
Mr Musk has usually tweeted about his assist for the highest crypto in addition to for different smaller, meme currencies comparable to Dogecoin.
The corporate additionally briefly accepted Bitcoin as cost for its electrical vehicles final yr, however reversed course in Could following pushback from critics over Bitcoin mining, which requires substantial vitality and isn't nice for the atmosphere.
Nonetheless, Tesla continues to be bullish on Bitcoin and different cryptos.
"We imagine within the long-term potential of digital property each as an funding and likewise as a liquid different to money," Tesla mentioned within the SEC submitting.
"As with all funding and in step with how we handle fiat-based money and money equal accounts.
"We could enhance or lower our holdings of digital property at any time based mostly on the wants of the enterprise and on our view of market and environmental circumstances."
Time's most influential folks of 2021
The data supplied on this web site is basic in nature solely and doesn't represent private monetary recommendation. The data has been ready with out making an allowance for your private goals, monetary state of affairs or wants. Earlier than performing on any info on this web site it's best to take into account the appropriateness of the knowledge having regard to your goals, monetary state of affairs and wishes.