Elon Musk reveals Tesla Owns About 42K Bitcoins – Tesla’s technoking, Elon Musk, has commented on how many bitcoins his electric car company owns in response to a rough calculation provided on Twitter by Tesla shareholder Dave Lee.
In his calculation, 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 coingecko.
His estimate suggests that Tesla is holding 42,069 BTC. Musk subsequently replied: “We don’t have that many bitcoin, but it’s close.”
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.
At the end of the second quarter, the company reported its bitcoin holdings worth $1.311 billion after impairments. In April, the electric car company’s bitcoin stash was worth $2.5 billion.
Not only does Tesla own bitcoin, but Musk also revealed during the B Word event that he personally owns BTC, as does his other company, Spacex. Musk also owns ether and dogecoin.
According to a list of bitcoin treasuries, the only public company that owns more bitcoin than Tesla is Microstrategy. Led by the pro-bitcoin Michael Saylor, Microstrategy has made accumulating BTC one of its primary objectives. The company currently hodls approximately 105,085 bitcoins.