Tesla's SEC Entering shows a fair market value of Bitcoin of $ 191 million
Tesla's SEC Entering shows a fair market value of Bitcoin of $ 191 million
The recent submission of Tesla at the US Stock Exchange Supervisory Authority Securities and Exchange Commission (SEC) shows that the fair market value of the company's Bitcoin stocks at the end of 2022 $ 191 million was changes in Bitcoin prices.
Teslas digital assets and the fair value of Bitcoin
The electric car company of Elon Musk, Tesla (Nasdaq: TSLA), submitted its annual report on the year ending on December 31, 2022 on Monday.
The submission shows that the fair market value of Tesla Bitcoin The stocks rose to 191 million, while their book value, while $ 184 million, as Bitcoin.com News before . "As of December 31, 2022 and 2021, the book value of our digital assets held was $ 184 million or $ 1.26 billion, which reflects cumulative reductions of $ 204 million or $ 101 million for each period," said the company and explained:
The fair market value of these digital assets, which were held on December 31, 2022 and 2021, was $ 19 million or $ 1.99 billion.
The submission also notes that Tesla bought and/or received in the two years on December 31, 2022 "a insignificant amount or $ 1.50 billion in digital assets".
The electric car company invested 1.5 billion US dollars in Bitcoin sells 75% of its stocks in the second quarter of 2022. The company also accepts the meme cryptocurrency of Dogecoin (Doge) for some goods that made up an "insignificant amount" of digital assets, as stated in the SEC.
Teslas $ 204 million in reduction in value due to Bitcoin
The electric car company said that digital assets are considered "indefinite intangible assets in accordance with the applicable accounting regulations". Therefore, "every decline in your time value to our book value for such assets will lead to any time after your acquisition that we record impairment expenses", described Tesla and added:
In the financial year that ended on December 31, 2022, we recorded reduction in value of $ 204 million, which resulted in changes in the book value of our Bitcoin and gained $ 64 million out of certain conversions of Bitcoin in Fiat currency.
Since his bitcoin takeover has only sold his Bitcoin once, in the second quarter of 2022. target = "_ blank" href = "https://news.bitcoin.com/tesla-sold-75-of-t-bitcoin-elon-musk-we-have-not-sold-any-of--round-dogecoin/" Rel = "noopener"> sold to his balance 936 million Add US dollars in cash. At the time, CEO Elon Musk explained that the company was "certainly open to increase our Bitcoin stocks [The] Future", whereby it was pointed out that the sale was due to concerns regarding the overall liquidity of the company, "given the closure of Covid in China".
In Teslas SEC registration it also says:
We can increase or reduce our stock of digital assets at any time according to the requirements of the company and our assessment of market and environmental conditions.
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