Friday, September 17, 2021

Elon Musk hints at how many bitcoin Tesla currently owns.

The Takeaway:

Tesla CEO Elon Musk has 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.

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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. 

 

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. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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