Elon Musk Hints Tesla Owns About 42K Bitcoins

Tesla’s CEO Elon Musk has hinted how many bitcoins Tesla owns after revealing that the fair market value of its bitcoin holdings was $1.47 B as of 30 June.

Elon Musk Hints Tesla Owns About 42K Bitcoins

Tesla’s CEO , Elon Musk has replied on twitter to Dava Lee on his rough calculation of how many bitcoins his company Tesla owns.  

In his calculation, Dava  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."

Dava also used the value of bitcoin at close on June 30, which was about $35,040. On June 30, the highest price of BTC  was $35,189.75 and the lowest price of BTC  was 34,155.90 based on data from Bitcoin.com Markets.

His calculations suggest that Tesla is holding 42,069 BTC. Elon subsequently replied: “We don’t have that much bitcoin, but it’s close.”

Tesla bought bitcoin worth $1.5 billion in the first quarter of 2021. Tesla  also began accepting Bitcoin as a payment in March but paused in May because of environmental concerns. However Elon said in a recently held event ‘The B Word’ Tesla will likely resume accepting BTC as a payment.

At the end of the second quarter, Tesla  reported its BTC holdings worth $1.311 billion after impairments. In April, Tesla's bitcoin stash was worth $2.5 billion.

During the recent event on bitcoin ‘The B Word’ Elon said that not only Tesla owns bitcoin but personally he is also holding BTC as does his company Spacex and also holding Ether and Dogecoin.

Read: US – Japan digital trade deal should include crypto: American think tank

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