Tesla Expected to Report $440 Million Writedown on Its Bitcoin Holdings

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Alex Dovbnya

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Tesla reported that it held roughly $2 billion worth of Bitcoin back in November

E-car maker Tesla is likely to report an impairment loss of roughly $440 million in its upcoming quarterly report, according to a Sunday report published by The Telegraph.

The world’s largest cryptocurrency is trading slightly above the $19,000 level at the time of writing this article.

Tesla caused a huge stir in the investment community by buying $1.5 billion worth of Bitcoin last February, pushing the price of the world’s largest cryptocurrency to record highs.

The e-car maker sold some of its holdings back in March 2021 in order to test the cryptocurrency’s liquidity.

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Its Bitcoin stash has remained unchanged since then despite the fact that the company stopped accepting the leading coin for payments last May, causing a major price correction.

In February, Tesla reported that its Bitcoin stash was worth $2 billion

The Elon Musk-helmed company reported a Bitcoin-related impairment of $51 million. 

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