Tesla Owns $1.26B Worth of Cryptocurrency, Reveals Year-End Report

Tesla Owns $1.26B Worth of Cryptocurrency, Reveals Year-End Report

Tesla's fiscal year 2021 financial report shows that the company owns $1.26 billion worth of cryptocurrency. The vast majority of the amount is Bitcoin, although some may be Dogecoin, which Tesla recently began accepting as payment for some merchandise.

According to the company's latest financial report, Tesla owns $1.26 billion worth of cryptocurrencies. As of today, the manufacturer has not yet resumed accepting payments for cars in Bitcoin, but is now accepting the meme-cryptocurrency Dogecoin (DOGE)  for some merchandise.

Tesla's unaudited cash flow statement also shows that there have been no purchases or sales of digital assets in the past three quarters. The only cryptocurrency purchase Tesla has made is $1.5 billion worth of Bitcoin in Q1 2021. The only sale the company made was also in Q1. Although Tesla has never revealed how much Bitcoin it owns, Musk has previously hinted that it is close to 42,000 BTC.

The manufacturer started accepting Bitcoin for payments in March 2021. However, in May, the company stopped accepting the cryptocurrency due to environmental concerns associated with its mining. Tesla CEO Elon Musk has said that the company will resume accepting BTC when Bitcoin miners can confirm the sufficient use of green energy.

© 2022, Eva Fox | Tesmanian. All rights reserved.


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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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