SpaceX founder and Tesla CEO Elon Musk appears on as he visits the development website of Tesla’s gigafactory in Gruenheide, close to Berlin, Germany, Might 17, 2021.

Michele Tantussi | Reuters

Tesla mentioned Monday in a submitting with the SEC it was holding practically $2 billion in bitcoin on the finish of final 12 months.

The corporate bought a complete of $1.5 billion in bitcoin in 2021. The cryptocurrency completed the 12 months up practically 60%, buying and selling above $46,000 on Dec. 31. It had slipped as little as $30,000 in July amid issues over a regulatory crackdown in China, then rallied to an all-time excessive above $68,000 by early November. Bitcoin was buying and selling slightly below $43,000 on Monday morning.

Tesla briefly accepted bitcoin as a cost possibility however stopped in Might over environmental issues.

Tesla does not account for bitcoin as a mark-to-market asset, that means it solely impacts earnings when it buys or sells the forex. Due to this fact, the drop within the worth of bitcoin should not have an effect on earnings so long as Tesla hasn’t divested of any of its holdings.

Tesla recorded $101 million price of impairment losses in 2021 from its bitcoin funding, citing a drop in worth of the cryptocurrency in a submitting with the SEC. Tesla added that it realized good points of $128 million after promoting a portion of its holdings final March. Total, Tesla gained $27 million in its crypto transactions throughout the 12 months, recorded as a destructive loss in restructuring and different bills.

— CNBC’s Ryan Browne and MacKenzie Sigalos contributed to this report.

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