Tesla Inc, an American electric vehicle company, said in a regulatory filing that the fair market value of its bitcoin held as of March 31 was $2.48 billion. The disclosed number means that the San-Carlos, California-based company made an additional billion dollars out of its investment it had made into the cryptocurrency by the end of Q1, 2021.
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Tesla admits it had recorder $27 million of impairment losses on bitcoin during the three months ended March 31, 2021. As iHodl earlier reported, Tesla sold part of its bitcoin hodlings for $272 million in Q1, 2021 in order to check the cryptocurrency' liquidity.
"Based on our trading activity to date, we believe bitcoin is highly liquid, although we generally intend to hold our bitcoin long-term regardless of the manner of acquisition," Tesla said.
The company also added it might want or need to liquidate its bitcoin reserves as cryptocurrencies "may be subject to volatile market prices." Later, Elon Musk, Tesla CEO, publicly denied that he had sold his own bitcoins.
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