Tesla Suffers Losses on Bitcoin Investment
Main page News, Tesla, Cryptocurrency
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21 October
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Electric vehicle maker Tesla suffered impairment losses of $51 million on its Bitcoin holdings during the third quarter, relative to its initial investment value. At the same time, the price of Bitcoin itself experienced a 30% increase during the third quarter.

According to the quarterly report shared by the company, during this period the company did not engage in transactions to buy or sell Bitcoins. According to the document, the size of Tesla's position in Bitcoin as of September 30 amounted to $1.26 billion.

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Tesla unveiled in February it had invested $1.5 billion in BTC and subsequently sold a tenth of its assets. It is estimated that the company currently holds 42,902 BTC. Considering Bitcoin surpassed $67,000 yesterday, the value of the company's position has nearly doubled.

At the same time, the third quarter turned out to be a record for Tesla in terms of net profits: these came in at $1.62 billion, while revenues rose 57% year-on-year to $13.75 billion.

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