Elon Musk confirmed that Tesla holds close to $1.47 billion worth of Bitcoin, around 42,000 BTC
Tesla CEO Elon Musk appears to be specifically alluding to the amount of BTC Tesla owns after revealing the market value of his BTC holdings was $1.47 billion on June 30.
Elon Musk reveals Tesla is holding about 42,000 BTC
According to a rough calculation provided by Tesla shareholder Dave Lee on Twitter, Musk has implicitly revealed how much BTC his electric car company owns. In his calculation, Lee used $1.47 billion as the fair market value of all of Tesla’s BTC holdings as shown in the company’s Form 10-Q filed with the U.S. Securities and Exchange Commission (SEC).
“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,” Tesla stated.
Source: Dave Lee/Twitter
“Only Elon Musk and Tesla’s master of the coin would do this… 42,069 Bitcoins x $35,040 ($BTC close price on 6/30) = $1.474B… or rounded to $1.47B as disclosed in their 10-Q,” he tweeted.
Furthermore, when doing this calculation, Lee also uses the Bitcoin price that closed on June 30 at around $35,040. On that day, the high of the BTC price was at $35,189.75 and the low was at 34,155.90. Lee’s estimate shows that Tesla is holding 42,069 BTC.
To this conclusion, Musk subsequently replied: “We don’t have that many bitcoin, but it’s close.”
As AZCoin News reported, Tesla spent $1.5 billion buying BTC in the first quarter of 2021. The company also started accepting cryptocurrency as a means of payment in March but paused it in May citing environmental concerns. However, during The B Word Conference, he revealed that Tesla will likely continue to accept BTC in the near future. Not only does Tesla own BTC, but Musk also revealed that he personally owns BTC, as does his other company, SpaceX. In addition, Musk also owns ETH and his favorite meme coin, DOGE.
At the moment, the only public company that owns more Bitcoins than Tesla is Microstrategy. Michael Saylor, CEO of Microstrategy, has made BTC accumulation one of his main goals. The company currently owns about 105,085 BTC.
- Bitcoin Price Stables Around $40,000, Is This The Start Of A New Bull-Run Cycle?
- Bitcoin Price Can’t Cross $40,000, XRP Surges 40% Over Past Week