The electric-car maker invested in bitcoin $1.5 billion in February<\/a>, with an average purchase price of $34,963. Later Elon Musk called the decision ‘quite risky’<\/a>.<\/p>\n In April Tesla sold part of its digital gold assets for $272 million<\/a>. The gains from asset operations were estimated at $101 million. The company’s CEO said at the time that the deal was a test of market liquidity.<\/p>\n In the second quarter the company wrote off $23 million<\/a> due to the cryptocurrency’s negative performance on its balance sheet.<\/p>\n Losses from the depreciation of the asset were reflected in the third-quarter report under ‘restructuring and others’ in the operating expenses category. The value of the cryptocurrency on the balance sheet was $1.26 billion, down from $1.31 billion in Q2.<\/p>\n Under U.S. accounting rules for digital assets, depreciation within a quarter requires the entity to report losses. If the price of the cryptocurrency rises, this is not reflected as a gain on the balance sheet.<\/p>\n In October the price of digital gold rose by nearly 50% \u2014 bitcoin hit a historic high above $67,000<\/a>. At the time of writing the asset trades near $65,900.<\/p>\n According to the Bitcoin Treasuries service, Tesla owns 43,200 BTC \u2014 at current rates their value exceeds $2.8 billion.<\/p>\n Musk noted the positive market momentum in his characteristic manner, posting a meme about cryptocurrencies on Twitter.<\/p>\n pic.twitter.com\/pCO0wNNZtz<\/a><\/p>\n \u2014 Elon Musk (@elonmusk) October 21, 2021<\/a><\/p><\/blockquote>\n ![\"Tesla](\"https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2021-10-21_11-57-24-1024x490.png\")
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