According to the financial report for the third quarter of this year, the investment of the automaker in the first cryptocurrency depreciated by $ 51 million
Electric car maker Tesla has released a financial report for the third quarter of 2021, which takes into account a loss of $ 51 million from the company’s investment in Bitcoin.
In June, the price of bitcoin dropped to a local minimum of $ 28.8 thousand. At the end of July, the rate of the first cryptocurrency began to recover and by the beginning of October it was $ 47 thousand (an increase of 63% from the local minimum).
At the same time, on October 20, bitcoin updated its historical maximum above $ 67 thousand (an increase of 133% from the local minimum).
US digital asset accounting rules require a company to report a loss if it depreciates during the quarter. If the price of assets increases, then this is not reflected as profit on the company’s balance sheet.
Tesla announced a $ 1.5 billion investment in Bitcoin in February. At the end of the first quarter, the company reported on the sale of bitcoin for $ 272 million with a profit of $ 101 million.
According to the Bitcoin Treasuries service, Tesla currently owns 43.2 thousand bitcoin, the value of which is $ 2.8 billion (taking into account the current exchange rate).
