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Tesla Reports $51 Million in Bitcoin-Related Impairments in Q3

u.today 20 October 2021 20:20, UTC
Reading time: ~2 m

According to Tesla’s Q3 earnings presentation, the e-car manufacturer registered Bitcoin-related impairments of $51 million. 

During the third quarter, Tesla managed to achieve its best-ever net income of $2.093 billion.

The company initially announced its mammoth $1.5 billion Bitcoin buy in February and later started accepting BTC payments, which were then halted in May due to environmental concerns.

Tesla sold 10 percent of its Bitcoin in Q1 to test the flagship crypto’s liquidity. It left its position unchanged in Q2 but was forced to report an impartment loss of $23 million due to the Bitcoin price downturn.

As reported by U.Today, Bitcoin soared to a new all-time high of $67,016 earlier today, which means that the recently reported impairments are no longer relevant. 

In June, Musk reaffirmed his commitment to the largest cryptocurrency despite being critical of its energy-intensive proof-of-work algorithm.

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