Tesla and SpaceX CEO Elon Musk has just hinted how many bitcoins Tesla owns after revealing that the fair market value of its bitcoin holdings was $1.47 billion as of June 30. Elon Musk commented on how many bitcoins his electric car company owns in response to a rough calculation provided on Twitter by Tesla shareholder Dave Lee.
Tesla’s bitcoin holding is close to 42,000 BTC.
Lee used $1.47 billion as the fair market value of Tesla’s entire bitcoin holdings, as shown in the company’s Form 10-Q filed with the U.S. 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 also used the price of bitcoin at close on June 30, which was about $35,040. On that day, the high of the BTC price was $35,189.75, and the low was 34,155.90 based on data from Bitcoin.com Markets.
Only @elonmusk and $TSLA’s master of coin would do this…
$35,040 ($BTC close price on 6/30)
= $1.474B… or rounded to $1.47B as disclosed in their 10-Q pic.twitter.com/PXJ3wZusrr
— Dave Lee (@heydave7) July 28, 2021
Tesla bought bitcoin worth $1.5 billion in the first quarter.
Tesla bought bitcoin worth $1.5 billion in the first quarter. The company also began accepting the 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 resume accepting bitcoin. Lee suggested that Tesla is holding 42,069 BTC. Musk subsequently replied: “We don’t have that many bitcoin, but it’s close.” At the end of the second quarter, Tesla reported its bitcoin holdings worth $1.311 billion after impairments.