$1.99 Billion Worth of Bitcoin Held by Tesla, Depicts the Annual Report filed with U.S. SEC
“Elon Musk’s electric car company, Tesla, has $1.99 Billion worth of Bitcoin held on its balance sheet. Tesla’s recently filed annual report with the U.S. Securities and Exchange Commission (SEC) in which it showcased that its Bitcoin holding at the end of December 2021 is valued at $1.99 Billion and the company sees crypto as both an investment and liquid alternative to cash.”
In an annual report filed with the U.S. Securities and Exchange Commission (SEC) on Friday by Elon Musk’s Electric Car Company Tesla, the company wrote “The fair market value of our Bitcoin holdings as of December 31, 2021, was $1.99 billion. In the year ended December 31, 2021, we recorded approximately $101 million of impairment losses resulting from changes to the carrying value of our Bitcoin and gains of $128 million on certain sales of Bitcoin by us.”
According to the annual report, Tesla claimed to have bought $1.5 Billion worth of Bitcoin in early 2021 and later accepted Bitcoin as a payment method at its company for buying the cars which was later discarded due to environmental concerns. The company also wrote to the SEC that it might start accepting Bitcoin as a payment at its company after it started accepting Dogecoin at its merchandise store to buy specific merchandise items.
The company also wrote to the SEC that “We may increase or decrease our holdings of digital assets at any time based on the needs of the business and on our view of market and environmental conditions”. This statement simply depicts the company’s perception regarding Bitcoin as a mode of investment as well as an alternative to cash providing an array of options for the company in managing risks and growing its wealth.