Tesla lost $140 million on Bitcoin in 2022

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This is my first time cutting this downed press by the rule of thirds, and you know what? He reigns. I will do it more often. Photo: Tesla

Tesla is one of those cutting-edge, forward-thinking #disruptive companies, the kind of company that would have kombucha on hand if it cared about its employees. As such, he is deeply interested in cryptocurrency as a future and deeply invested to match. So invested, in fact, that the company may have lost $140 million in Bitcoin alone in 2022.

In 2021, Tesla invested $1.5 billion in Bitcoin and actually earned modest returns on that money in 2022. An SEC filing for the company revealed gains of $64 million from its various transactions. bitcoin last year, which is a whopping 4.3% return. Of course, those gains are dwarfed by the company’s losses: $204 million.

Photo: Tesla

These gains and losses total a net negative of $140 million, or nearly 10% of the company’s initial investment. Incredibly, that number actually outperforms the traditional stock market $SPY, an ETF linked to the S&P 500, fell more than 18% over the same period. Of course, given the environmental effects of cryptocurrency, it’s hard to say these mitigated losses are worth it.

Curiously, Teslas SEC filing makes no mention of other cryptocurrency holdings. CEO Elon Musk confirmed that the company held stakes in Dogecoin in 2022, but only bitcoin stakes appear in legal documents. Considering Dogecoin is the only digital currency that Tesla currently claims to accept, you’d think it would be big enough to mention to regulators. But, maybe there’s more to come on that front, you never know when investigators will dig something up.

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