Playboy reports $4.9m Ethereum loss

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Updated March 17, 2023 | Published March 17, 2023

2 mins read

The company saw a drop in value of its assets after ETH fell by 60% amid a decline in market prices.

The parent company of Playboy, PLBY Group, has announced an impairment loss of $4.9m on Ethereum (ETH) held last year during the crypto winter.

In 2021, during the peak of the crypto market, the global media and lifestyle business accepted ETH payments for its Rabbitars NFTs, stated in its annual report balance sheet as “digital assets”.

Since the launch of the Rabbitars project, the value of ETH has decreased by around 60%, according to TradingView data.

Furthermore, as of last year, the value of Playboy’s digital assets stood at $327,000 in comparison to the company’s previous filings showing digital assets at $1.75m.

In last year's filing, PLBY Group defined digital assets as “indefinite-lived intangible assets”, subject to impairment losses “if the fair value of digital assets decreases below their carrying weight at any time”.

The filing also added that impairment losses “cannot be recovered for any subsequent increase in fair value”, and the market price of one ETH in the firm's principal market “ranged from $1,039 to $1,988” during the third quarter of 2022.

However, the carrying value of each ETH held at the end of the reporting period reflects the lowest price of one ETH quoted on the active exchange at any time since its receipt.

Thus, “negative swings” affecting ETH’s market price “could have a material impact on the company's earnings and carrying value”, and “positive swings” will impact earnings only when the ETH is sold at a gain”.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
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