Tesla Hodls Bitcoin: Balance Sheet Shows $1.26B in Digital Assets

Elon Musk’s electrical automotive firm, Tesla, is hodling bitcoin. The firm’s steadiness sheet reveals $1.261 billion in digital belongings. Tesla has neither bought nor offered any crypto belongings for the reason that first quarter of final 12 months.

Tesla Continues to Hodl Bitcoin

Tesla launched its earnings outcomes for the primary quarter of 2022 Wednesday. Elon Musk’s electrical automotive firm reported one other document quarter of gross sales and revenue exceeding Wall Street estimates regardless of inflation pressure.

The firm’s income rose 81% to $18.76 billion from $10.39 billion a 12 months in the past. Its earnings jumped 658% from $438 million within the earlier 12 months to $3.32 billion within the first quarter of this 12 months. “I’ve by no means been extra optimistic and excited by way of the long run than I’m proper now,” Musk stated throughout Wednesday’s earnings name.

Amid document revenue, Tesla’s steadiness sheet reveals internet digital belongings of $1.261 billion.

Tesla’s assertion of money flows nonetheless reveals that the corporate’s solely buy of digital belongings occurred within the first quarter of final 12 months when it purchased $1.5 billion value of BTC. The solely sale of digital belongings additionally occurred in the identical quarter.

In January, Tesla started accepting the meme cryptocurrency dogecoin for some merchandise. However, the corporate has yet to bring back bitcoin as a cost choice.

Musk has stated that he sees bitcoin as a retailer of worth whereas dogecoin is best fitted to transactions. He beforehand revealed that he personally owns bitcoin (BTC), ether (ETH), and dogecoin (DOGE) — and won’t promote them.

The Tesla boss has not too long ago made an offer to purchase Twitter Inc. with the intention to make “significant improvements” to the platform. The supply adopted him taking a 9.2% stake within the social media large. Musk has reportedly secured $46.5 billion to purchase Twitter.

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