Shiba Inu came roaring back after a recent selloff, Tesla (TSLA) – Get Tesla Inc Report disclosed an $101 million impairment loss related to bitcoin while KPMG Canada added bitcoin to its balance sheet.
Transcript:
We have a famous meme Coin getting a second lifeline, while one of the big four accounting firms is now putting crypto on its balance sheet.
It’s your boy Ross Mac and these are the biggest stories in cryptocurrency on Tuesday, February 8.
The famous meme Coin Shiba Inu looks like it might be coming back from the dead despite the downturn that it’s been on. The downward pressure came alongside the broader cryptocurrency selloff but with the recent rebound, Shiba has gained momentum with a recent infusion of around $3.5 billion. In the past week, the coin is up around 30%…all it needs now is a tweet from Elon and it’ll be off to the races.
Tesla disclosed that it posted a $101 million impairment loss to the Securities and Exchange Commission in its annual report to the Securities and Exchange Commission. The loss is due to the company carrying $2 billion dollars worth of bitcoin on its balance sheet. However, the company did record a gain of $128 million after it sold off some bitcoin back in March of last year.
KPMG Canada has added an undisclosed amount of Bitcoin and Ethereum to its balance sheet. The company said that it believes that the institutional adoption of crypto assets and blockchain will become a regular part of the asset mix for investors. KPMG went on to note that they expect to see a lot of growth in DeFi, NFTs and the metaverse in the years to come. Bitcoin to a miill, let’s go.
I’m Ross Mac and that was the Crypto Minute on TheStreet.
TheStreet’s Crypto Minute is brought to you by Blockchain.com.
