Tesla's bitcoin holdings worth nearly $2 billion

The company had invested $1.50 billion in bitcoin and briefly accepted the cryptocurrency as a payment for sales of certain products last year. (Reuters) — The company had invested $1.50 billion in bitcoin and briefly accepted the cryptocurrency as a payment for sales of certain products last year. **(Reuters)**

1 min read . Updated: 07 Feb 2022, 05:40 PM IST Reuters

Tesla Inc said on Monday the fair market value of the electric-vehicle maker's bitcoin holdings as of 31 December was $1.99 billion

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Tesla Inc said on Monday the fair market value of the electric-vehicle maker's bitcoin holdings as of 31 December was $1.99 billion.

The company had invested $1.50 billion in bitcoin and briefly accepted the cryptocurrency as a payment for sales of certain products last year.

A drop in the value of bitcoin resulted in the company recording losses, as the value of its holdings fell.

Tesla had also briefly accepted the cryptocurrency as payment for sales of certain products. However, Tesla Chief Executive Officer Elon Musk stopped accepting the digital currency, citing environmental concerns around the mining of bitcoin.

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The company said it gained $128 million on sales of bitcoin after selling a portion of its holdings in March. Tesla has not disclosed any change to its bitcoin holdings since.

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