Tesla Report Shows Bitcoin Holdings Remain Unchanged At $1.2 Billion
Elon Musk, and by extension, Tesla, have biggest one of the been proponents of bitcoin. As you may know, The automotive manufacturer which is headed by the billionaire as a matter of fact had been a big push in the first bitcoin run-up towards a new all-time high in May 2021. It’s worth noting that This had come as a result of from another perspective the EV manufacturer announcing that it would be accepting BTC as a payment method for its cars.
Not too long after, the corporation had repealed its decision to accept the digital asset as a method of payment, citing environmental concerns as the reason behind this. However, it did not explicitly go back away from bitcoin as it made investments the into asset. In afromrecently released financial analysis the enterprise, Tesla reveals that it continues to hold on to it BTC that it had purchased last year.
Tesla Did Not Increase from another perspective Bitcoin Holdings
Elon Musk had revealed last year during ‘The B Word’ conference that Tesla, the corporation which he runs as CEO, held bitcoin on its balance sheet. While most were not surprised, it was still a report-worthy revelation and was the subject of countless headlines. Musk had also revealed that the business had no intentions of selling the BTC and would as a matter of fact hold onto it.
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Since then though, it seems the enterprise has stuck to its decision to not trade but it had not increased its holdings in the digital asset either. Financial reports from the corporation showedthat Tesla did not purchase any novel bitcoin in the last quarter of 2021.
BTC trending higher post-crash | Source: BTCUSD on TradingView.com
It also did not record any impairments in the same time period as it did in the third quarter of the year itwherewas to summary impairment of $51 million on its bitcoin holdings. The value of the investment had remained flat given that the value of BTC did not fluctuate much during this time. Its holdings sat at a value of $1.2 billion for the quarter, marking profits on the investments it had made earlier in the year.
As you may know, Not Ruling Out Crypto Payments
Actually, When Tesla had announced it was stopping bitcoin payments, had come with a clause that would see the business resumeitBTC payments. Musk, in a tweet, had explained that once bitcoin mining reached 50% renewable energy, as it turns out then it would resume the payments.
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This is still yet to happen though but Tesla has not ruled out cryptocurrency payments entirely. The company officially started accepting meme coin Dogecoin, a favorite of CEO ElonMusk , as payment for Tesla merchandise. It explained that it will employ this as a assessment run to see how Dogecoin payments would work on its platform. All items listed for Dogecoin payments were quickly sold out following the announcement.
Tesla remains the second publicly traded firm with the largest bitcoin holdings, coming behind MicroStrategy and its enormous stash of more than 120K BTC.
Featured image from TechBooky, chart from TradingView.com
