Tesla anticipated reporting a writedown of $440 million on its bitcoin holdings

According to an article that was published on Sunday, electric vehicle (EV) manufacturer Tesla is expected to post an impairment loss of about $440 million in its next quarterly report.

At the time that this article was being written, the value of the most valuable cryptocurrency on the planet was trading at only a little over $19,000.

When Tesla made a record-breaking purchase of Bitcoin in February of last year, equal to $1.5 billion, the company sent shockwaves through the investing world and pushed the price of the most valuable cryptocurrency to all-time highs.

At that time electric vehicle manufacturers put some of their assets up for sale in order to evaluate the liquidity of the cryptocurrency.

It has not made any changes to its Bitcoin vault since then, despite the fact that in May of this year the firm ceased taking the leading currency for payments, which resulted in a significant price adjustment.

In February Tesla said that the value of its cryptocurrency holdings was $2 billion.

The firm that is led by Elon Musk disclosed a Bitcoin-related impairment in the amount of $51 million.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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