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21 September 2021

Tesla reports Bitcoin-related 'impairment’ of $23 million after BTC tumbled 40% in 2021

Tesla reports Bitcoin-related 'impairment’ of $23 million after BTC tumbled 40% in 2021


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Tesla, a major electric car manufacturer led by Elon Musk, has reported a record operating income of $1.3 billion in the second quarter of 2021—which was “partially offset” by a “Bitcoin-related impairment of $23M.”.

An “impairment cost” represents expenses that must be included in the accounting when the book value of a certain asset becomes greater than the “recoverable amount.” However, “Bitcoin-related impairment of $23 million” is the only line where Bitcoin has been mentioned in the document, so details are scarce. .

At the end of March, Tesla reported that its Bitcoin holdings’ price surged to $2.48 billion amid the Q1 bull rally.

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