Tesla Inc announced on Monday that the fair market value of its bitcoin holdings as of December 31 was $1.99 billion.
In its annual filing with the U.S. Securities and Exchange Commission, Tesla, which had invested $1.50 billion in bitcoin last year, said it registered about $101 million in impairment losses last year due to the value of bitcoin.
The corporation suffered losses when the value of its holdings declined due to a drop in bitcoin’s value.
Tesla had previously accepted bitcoin as payment for the sale of some products. Tesla CEO Elon Musk, on the other hand, has stopped taking the digital money, citing environmental worries over bitcoin mining.
After selling a chunk of its bitcoin holdings in March, the corporation stated it made a $128 million profit on sales. Tesla’s bitcoin holdings have remained unchanged since then.
