Tesla Holds Bitcoin: Company’s Balance Sheet Shows USD 1.26 Billion in Crypto Assets

Tesla, Elon Musk’s electric auto company, has reported to be holding Bitcoin. The firm’s balance sheet indicates that USD 1.261 billion is held in crypto assets. Tesla did not buy or sell digital assets in the first three months of 2021.

Tesla Continues Holding Bitcoin

Tesla has released the quarterly results of its earnings for the first three months of 2022. The company reported a record quarter of sales and profits, which surpassed the estimates earlier on predicted by Wall Street and pressure from inflation. 

According to the quarterly report, the revenue of the company increased 81% to reach USD 18.76 billion from USD 10.39 billion the previous year. The earnings jumped 658%, from USD 438 million in 2021 to USD 3.32 billion in the first quarter of 2022. Elon Musk said that he has never been more optimistic and excited about the future than he is now.

The net digital asses showed the company’s digital assets reached USD 1.261 billion. The report indicates that Tesla only bought crypto assets, (BTC), in the first quarter of 2021 worth USD 1.5 billion. Again, the only sale of digital assets happened in the same period.

In January, the company started accepting Dogecoin, also known as meme crypto, for its merchandise. However, it is yet to bring back BTC as a method of payment. 

Musk said that he anticipates Bitcoin will grow as a store of value, but dodgecoin was the more preferred option for regular transactions. Personally, Musk indicated he owned Dogecoin (DOGE), Bitcoin (BTC) and Ether (ETH). 

Recently, Elon offered to purchase Twitter with the aim of initiating improvements to the platforms. He made the offer after buying a 9.2% stake in Twitter. The Tesla boss has already secured USD 46 billion to purchase Twitter.

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