- Tesla reported a $170 million impairment loss on its Bitcoin (BTC) investment, according to a 10-Q filing published Monday.
- The loss concerns the first nine months of 2022, the filing shows. Additionally, the electric carmaker also reported $64 million in profit from “certain conversions of bitcoin into fiat currency.”
- “For any digital assets held now or in the future, these charges may negatively impact our profitability in the periods in which such impairments occur even if the overall market values of these assets increase,” Tesla added in a filing.
- The loss comes after Tesla invested $1.5 billion in February 2021 to “diversify and maximize returns” on cash.
- In Q2 2022, Tesla offloaded 75% of its Bitcoin holdings and made no changes to its BTC holdings in Q3. The electric vehicle giant’s digital asset investments were worth $218 million, according to the filing.
This is a developing story and would be updated.
This article originally appeared on The Tokenist
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