Analysts believe reporting requirements may compel Tesla to announce a paper-drawdown of between $25 million and $100 million on its $1.5 billion Bitcoin bet.
Bitcoin’s second-quarter price battering has pundits speculating that Tesla may have to report a loss of up to $100 million for Q2.With the price of Bitcoin recently dropping to revisit levels last seen in January, CNBC business analyst Kate Rooney asserted on July 6 that Tesla may face an “impairment charge” — requiring it to report the drawdown in a disclosure to the U.S. Securities and Exchange Commission (SEC).She noted that as Tesla first disclosed its $1.5 billion in Bitcoin purchases in February, onlookers believe the electric vehicle manufacturer may have been underwater at the end of the quarter. “Tesla holds crypto as an intangible asset and because of accounting rules, when Bitcoin’s value drops below a certain amount, companies have to mark tha
Nicehash Crypto Mining Pool ‘Fully’ Reimburses All Users Affected by 2017 Hack
A Slovenian cryptocurrency mining pool and trading platform announced that they’ve managed to fully compensate their users affected…