Tesla doesn’t sell a single Bitcoin, value is huge
The car company owns quite a bit of Bitcoin, the value of which to Tesla is considerable. Read here for how much it is now on the balance.
Elon Musk’s electric car company, Tesla, makes money not only from car sales but also from Bitcoin. The company’s balance sheet shows $1.261 billion in digital assets. Tesla has not bought or sold any crypto assets since the first quarter of last year.
Tesla continues to hold Bitcoin
We know this because the company’s results were announced last Wednesday. These are for the first quarter of 2022. Tesla reported another record quarter of revenue and profit, which exceeded Wall Street estimates. This is despite increasing inflation.
The company’s revenue rose 81% to $18.76 billion, from $10.39 billion a year ago. Earnings increased 658% from $438 million in the prior year to $3.32 billion in the first quarter of this year. “I have never been more optimistic and excited about the future than I am now,” Musk said during Wednesday’s earnings call. Yes, that’s understandable of course. Amid record profits, Tesla’s balance sheet shows net digital assets of $1.261 billion.
Digital Assets
Tesla’s cash flow statement still shows that the company’s only digital asset purchase was in the first quarter of last year. Then it bought $1.5 billion worth of Bitcoin. The only sale of digital assets also occurred in the same quarter.
In January, Tesla started accepting the meme cryptocurrency Dogecoin for some merchandise. However, the company has yet to bring Bitcoin back as a payment option. Musk has said he sees Bitcoin as a store of value, while Dogecoin is better suited for transactions. He has personally invested in both coins as well.
