According to the earnings report, Tesla reported a $125 million mark-to-market loss on its cryptocurrency investments in the first quarter, reversing gains from the prior quarter. The company’s digital assets totaled $951 million, down 11.6% quarter-over-quarter, though its Bitcoin balance remained unchanged. The value drop was attributed to Bitcoin’s 12% decline over the quarter, despite a partial rebound in April. Tesla adopted new accounting standards allowing market value declarations for crypto holdings.
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Elon Musk-Led Tesla Reports $125 Million In Unrealized Losses On Bitcoin After Top Crypto Drops 12% In Q1
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