Tesla Owns Close to 42,069 Bitcoins, Elon Musk Reveals

Tesla Owns Close to 42,069 Bitcoins, Elon Musk Reveals
Tesla CEO Elon Musk hinted that the company owns closer to 42,000 Bitcoins. Thus, Tesla is the second largest, in terms of the amount of Bitcoin ownership, for a public company. As of June 30, Tesla's Bitcoin assets were worth $1.47 billion.

After Tesla posted Form 10-Q a few days ago, shareholder Dave Lee made some calculations and came to the conclusion that the company owns 42,069 Bitcoins. In his calculations, Lee used $1.47 billion as the fair market value of Tesla’s entire Bitcoin holdings as shown in the company's 10-Q form filed with the US Securities and Exchange Commission (SEC). Tesla wrote:
"As of June 30, 2021, the carrying value of our digital assets held was $1.31 billion, which reflects cumulative impairments of $50 million. The fair market value of such digital assets held as of June 30, 2021 was $1.47 billion."

Lee used the Bitcoin price at the close of trading on June 30, which was around $35,040. The maximum price on June 30 was around $35,189 and the minimum was around $34,155. Thus, his estimate suggests that Tesla holds 42,069 Bitcoins. Musk decided to respond to Lee's tweet and clarified that although Tesla does not own so much cryptocurrency, the announced amount is close to the real one.

In the first quarter of 2021, Tesla announced that it bought $1.5 billion worth of Bitcoins and began accepting cryptocurrency as a means of payment in March. However, Bitcoin acceptance in May was suspended until mining is more environmentally friendly than it is now. At the end of the second quarter, the company reported $1.311 billion in Bitcoin assets after impairments. Tesla is currently the second-largest public company in the world in terms of Bitcoin ownership. The first place belongs to Microstrategy, which owns about 105,085 Bitcoins.


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Article edited by @SmokeyShorts, you can follow him on Twitter

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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