Tesla’s bitcoin portfolio now worth $2.5billion

Category: Blockchain Crypto

Tesla’s quarterly filing with SEC shows that their bitcoin is worth $2.48billion from their initial $1.5billion

Elon Musk’s Tesla has revealed the company’s bitcoin holdings for in its quarterly report with US Securities and Exchange Commission (SEC).

In the report, Tesla highlighted the purchase the company had made a number of months ago for $1.5billion “comprised solely of bitcoin” during this quarter ended 31st March.

Tesla also started to accept bitcoin as a form of payment for sales this year on a “certain products in specific regions, subject to applicable laws.” The company then sold 10% of its bitcoin in March to prove the token’s liquidity.

The sale of bitcoin accounted for the amount of $272million, with Tesla writing:

Elon Musk - AIBC News-1

“As of March 31, 2021, the carrying value of our bitcoin held was $1.33 billion … The fair market value of bitcoin held as of March 31, 2021, was $2.48 billion.”

Although Tesla had sold some of their bitcoin stash, Elon Musk reiterated that he did not sell any of this own personal bitcoin:

“I have not sold any of my bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of bitcoin as an alternative to holding cash on balance sheet.”

Even though Tesla sold a part of their bitcoin stash, CFO and Master of Coin at Tesla, Zachary Kirkhorn, stated during the earnings call that:

Zachary Kirkhorn - AIBC News

“We do believe long term in the value of bitcoin. So it is our intent to hold what we have long term and continue to accumulate bitcoin from transactions from our customers as they purchase vehicles.”

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