Tesla took a $34 million impairment charge on its bitcoin holdings last quarter as crypto values plunged
Tesla took a $34 million impairment charge on its bitcoin holdings last quarter, according to figures from the EV maker's latest earnings report.
The company didn't buy or sell any bitcoin in the fourth quarter, leaving its holdings steady at 10,725 bitcoin. But the continued sell-off in the crypto market late last year sent the value of Tesla's bitcoin to $184 million at the end of last quarter from $218 million in the third quarter., one of the world's largest crypto exchanges at the time. The event fueled a steep drop in the global market value of cryptocurrencies, though bitcoin has surged 38% from the start of 2023.
That means the accounting may look different for Tesla in the current quarter, barring another steep crypto dive. Bitcoin is now trading at $23,124, bringing the current value of Tesla's bitcoin holdings up to $248 million.that hold bitcoin, according to data from Buybitcoinworldwide, and CEO Elon Musk is a die-hard crypto enthusiast.
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