The SEC filing revealed that Tesla (NASDAQ: TSLA) is open to investing in digital assets. “As with any investment, and in line with how we manage cash and cash equivalent accounts, we may increase or decrease our holdings of digital assets at any time depending on the needs of the business and our view of the market and conditions. environment. “, the company said.
Tesla has not sold any digital assets from its balance sheet since March 31, 2021, the document confirms.
According to Tesla, in 2021 it bought and received $1.50 billion worth of Bitcoin. This move made the company one of the largest crypto investors. Due to the depreciation of this asset during 2021, the company suffered a loss of $101 million. having earned $128 million for them, Tesla went negative with a mark of $27 million. The book value of digital assets amounted to $1.26 billion, as of December 31, 2021
While the fair market value of these assets was at around $1.99 billion.
After a landmark investment, the company began accepting bitcoin payments for new cars. However, 2 weeks later, this decision was reversed, as Elon Musk stated that his company would not support payments in BTC until BTC mining became more environmentally friendly. The company considered that the energy requirements of the Bitcoin network were too high.
“Tesla has suspended the ability to buy cars using Bitcoin. We are concerned about the rapidly growing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” the company said in a statement.
And the company is already taking some steps in that direction, closing a deal with Jack Dorsey’s Blockstream and Block companies last month. The goal of the partnership was to create a bitcoin mining plant that uses solar and battery power. The plan is to build a mining facility in Texas, a haven for renewable energy sources in the United States.
Last summer, CEO Elon Musk saw improvements in the energy balance of mining, and talked about the resumption of payments in Bitcoin. However, until now, the resumption of the use of cryptocurrency as payment for electric vehicles has not happened. So Tesla continues to own its share of Bitcoin and is set to resume payments in that currency.
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