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Tesla Inc.’s Bitcoin Holding Surpasses $ 1.26 Billion

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Oct 21, 2021

As per Tesla Inc.’s 3rd Quarter Report, the Bitcoin holding of the company has gone past US$ 1.26 Billion. The due report was published for the public eye by the company’s CEO, Elon Musk on 20th October, 2021. At the publication of the report, Elon Musk, commented that the 2021’s third quarter was the all-time best.

The report shows that Tesla has collected revenue exceeding US$ 13.575 Billion. The revenue collected reflects a 57% rise which is double from the past year’s relevant quarter. Musk said that in the 3rd quarter of 2021, Tesla had achieved remarkable results. The income earned, the gross and operating profits were all top-notch, said Musk.

Tesla’s third quarter report also contained some extravagant figures towards the digital asset section as well. The report suggests that as of 30th September, 2021, Tesla’s Bitcoin holding’s net worth has gone past US$ 1.26 Billion. Evidently there is an increase in the net worth of Tesla owned Bitcoins from the period i.e. April 01, 2021 to June 30, 2021. At that point in time, Bitcoin had lost considerable amount of its value. Resultantly, during that period, Tesla had to record a loss of US$55 Million under the head “impairment”, which was caused by Bitcoin.

However, as per the latest cash flow statement, it continues to suggest that during this year Tesla had made only one investment in digital assets. The investment was made in the first quarter for acquiring Bitcoins only and involved an amount of US$ 1.5 Billion.

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Interestingly, no one knows as to how many of Bitcoins are available with Tesla Inc. It could only be ascertained roughly from the earlier statement of Musk published in June this year. In this very statement, Musk, without disclosing the actual numbers, said that Tesla had bought Bitcoin for an amount of US$ 42,000 each BTC. At presently, Bitcoin’s value is way above US$ 60,000. This means that in between 1st October, 2021 till to date there has been a phenomenal increase in the value of Bitcoin which is approximately US$ 18,000. On 1st October, 2021, the value of Bitcoin was almost US$ 43,503 and now it is US$ 61,441.

Musk, being the CEO of Tesla and a great proponent of Bitcoin, has been the most influential man in the crypto industry. Apart from his company, he also owns Bitcoins as well as other crypto coins personally. After Bitcoin, his most preferred cryptocurrencies are Ethereum and meme-coin, Doge. In fact, he is amongst one of the greatest supports of Doge and people believe that because of him Dogecoin is surging.

In July, 2021, Musk told the public that he owns a few Bitcoins, some Ethereum and Doge coins. However, against the value of his Bitcoins, the collective value of Ethereum and Doge is very small.

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