Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

Elon Musk suggests that Tesla holds about 42,000 BTC

2 min read

CEO of Tesla Elon Musk indicated how much BTC Tesla holds, after revealing that the fair market value of its BTC portfolio was as of June 30, $ 1.47 billion.

Tesla holds about 42,000 BTC

One of the most prominent figures of today, CEO of Tesla Elon Musk, commented on how much BTC is owned by his electric car company in response to a rough calculation provided on Twitter by Tesla shareholder Dave Lee.

Lee used it in his calculation $ 1.47 billion as the fair market value of all BTC assets held by Tesla, as stated in Form 10-Q company filed with US Securities and Exchange Commission (SEC). In the Tesla form, he states:

“As of June 30, 2021, the carrying amount of our digital assets held was $ 1.31 billion, reflecting a cumulative impairment of $ 50 million. The fair market value of these digital assets held as of June 30, 2021 was $ 1.47 billion. “

Lee also used the BTC price at the end of June 30, which was about $ 35,040. On that day, the highest price was BTC $ 35,189.75 and the lowest $ 34 155.90 based on data from Markets.

“42,069 BTC x $ 35,040 (closing price of $ BTC at 6/30) = $ 1.474 billion or rounded to $ 1.47 billion, as stated in their 10Q”

His estimate suggests that Tesla is holding 42 069 BTC. Musk then replied: “We don’t have that much BTC, but it’s close.”

BTC purchases in billions of dollars

Tesla in the first quarter bought Bitcoins worth $ 1.5 billion. The company also began accepting cryptocurrency as a means of payment in March, but stopped it in May due to environmental concerns. But Musk at a recent BTC event The B Word he said that Tesla is likely to receive BTC again.

At the end of the second quarter, the company reported its BTC assets in value $ 1.311 billion after impairment. In April, the accumulated BTC had value to the electric vehicle company $ 2.5 billion.

Tesla not only owns BTC, but Musk during the event B Word also revealed that in person own BTC, as well as his other company Spacex. At this same event Musk also revealed that in addition to BTC also owns Ether and Dogecoin.

According to BTC’s ownership list, it is the only public company that owns more BTC than Tesla, Microstrategy. Microstrategy led by the promoter of BTC Michael Saylor made the accumulation of BTC one of its primary goals. The company currently holds approximately 105 085 BTC.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply