Tesla discloses that it holds Bitcoin assets worth $2bn

Tesla revealed that its Bitcoin holdings were valued at $1.99 billion (£1.5bn at the close of last year).

According to the electric vehicle manufacturer, it invested $1.5bn last year in Bitcoin. It reported that $101m of its impairment losses were due to the drop in cryptocurrency’s value. After selling a portion in March, however, the company made $128m.

Elon Musk, Tesla’s founder, has long been a proponent of crypto assets like Bitcoin. He briefly accepted cryptocurrency payments for Tesla merchandise.

This policy was retracted by him, citing environmental concerns regarding the mining of digital coins.

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