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November 27, 2022
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Elon Musk: Tesla has about 42 thousand bitcoins

Tesla holds about 42,000 bitcoins.

Tesla CEO Elon Musk commented on how many bitcoins his company owns in response to a rough calculation provided on Twitter by Tesla shareholder Dave Lee.

In his calculation, Lee used $1.47 billion as the market value of all of Tesla’s bitcoin holdings, as shown on the company’s Form 10-Q filed with the US Securities and Exchange Commission (SEC). Tesla wrote:

“As of June 30, 2021, the book value of our digital assets held was $1.31 billion, reflecting cumulative losses of $50 million. The fair market value of these digital assets held as of June 30, 2021 was $1.47 billion.”

Lee also used the June 30 closing bitcoin price, which was about $35,040. On that day, the high price of BTC was $35,189.75 and the low was $34,155.90 based on data from Bitcoin.com.

His estimate suggests that Tesla is holding 42,069 BTC. Then Musk replied: “We don’t have that many bitcoins, but it’s close.”

Tesla bought $1.5 billion worth of bitcoin in the first quarter. The company also began accepting cryptocurrency as a means of payment in March, but stopped in May citing environmental concerns. However, Musk said at a recent bitcoin event, “The B Word,” that Tesla will likely return to accepting bitcoin.

At the end of the second quarter, the company reported its $1.311 billion worth of bitcoin holdings after losses. In April, the electric car company’s stock of bitcoins was worth $2.5 billion.

Not only does Tesla own bitcoin, but Musk also revealed during the B Word event that he personally owns BTC, as does his other company, Spacex. Musk also has ether and dogecoin.

According to a list of bitcoin treasuries, the only public company that has more bitcoin than Tesla is Microstrategy. Led by pro-bitcoin Michael Saylor, Microstrategy has made BTC accumulation one of its main goals. The company currently stores approximately 105,085 bitcoins.

Source: NewsBitcoin

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