Tesla has revealed that the company sold most of the Bitcoin it purchased in 2021, and suffered a significant loss on the digital assets it currently holds during the 2022 crypto crash.
In its Form 10-K filing with the US Securities and Exchange Commission (SEC) on Tuesday, 31 January, Tesla disclosed that it gained $64 million from its digital assets holdings when converting them into fiat currency.
However, according to the filing, the electric car maker’s Bitcoin bet also included a $204 million impairment loss for the year ending 31 December 2022.
All the gains recorded during the year were offset by the net impairment loss, which resulted from Tesla’s move to restructure its operations around the asset. This means the company reported a net loss of $140 million on its crypto trading in 2022.