"Tesla Inc. said it recorded a $170 million impairment charge against the carrying value of its bitcoin holdings for the first six months of the year.
The electric-car maker also logged $64 million in gains from certain sales of its bitcoin holdings, the company said in its 10-Q filing with the Securities and Exchange Commission on Monday.
Because accounting rules define digital assets as indefinite-lived intangible assets, Tesla said it must recognize impairment charges to reflect any decrease in the fair value of cryptocurrencies held by the company below their carrying values."
