Tesla’s Bitcoin Stash Now Worth $2.5 Billion, SEC Filing Shows – Markets and Prices Bitcoin News

Tesla’s Bitcoin Stash Now Worth $2.5 Billion, SEC Filing Shows – Markets and Prices Bitcoin News

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Tesla recently made headlines for revealing that it uses artificial intelligence to make improvements to its products—and for CEO Elon Musk’s sudden, unexplained departure from the White House business advisory panel. But if you’ve been following the company in recent weeks, you’ll know that’s not all Tesla has been up to. Over the past few months, the company has been slowly revealing more details about its secretive cryptocurrency mining operation, codenamed “TeslaCrypt,” which has now been confirmed to be worth over $2.5 billion.

Tesla’s CEO Elon Musk has been an outspoken proponent of cryptocurrencies and Bitcoin. Musk has repeatedly talked about how he believes the free-floating digital currency will be the future of global finance. In a series of social media posts, Musk said its importance is comparable to that of the internet in aiding the flow of information.

Tesla’s Bitcoin Stash Now Worth $2.5 Billion, SEC Filing Shows – Markets and Prices Bitcoin News

Tesla’s quarterly filing with the U.S. Securities and Exchange Commission (SEC) shows that the company’s bitcoins are now worth $2.48 billion, far more than its original $1.5 billion investment. This came after the electric car company sold some bitcoins to demonstrate its liquidity.

Documents from the Securities and Exchange Commission show that Tesla owns $2.48 billion in bitcoins.

Elon Musk’s electric car company, Tesla Inc. (TSLA.O) revealed the value of its bitcoin holdings in its quarterly report filed Tuesday with the U.S. Securities and Exchange Commission.

Tesla said in a statement that in the three months ended 31. Mars acquired digital assets consisting solely of bitcoin for a total of $1.5 billion. The company has also begun accepting bitcoin as payment for the sale of certain products in certain regions, depending on applicable laws. Then, in March, the company sold some of its bitcoins.

After netting the bitcoin sale that raised $272 million, Tesla wrote:

As of 31. March 2021, the book value of bitcoins in our possession was $1.33 billion….. The market value of our available bitcoins as of 31. March 2021 amounted to $2.48 billion.

The price of bitcoin was at its lowest on the 31st. March at around $59K according to markets.Bitcoin.com. Since then, it has declined slightly. At the time of writing, the price of BTC stands at $54,900, which means Tesla’s bitcoin assets are now worth about $2.31 billion.

Although Tesla has sold some bitcoins, CEO and tech king Elon Musk held firm on Twitter: I haven’t sold any of my bitcoins. He said Tesla sold 10% of its assets to demonstrate bitcoin’s liquidity instead of keeping money on its balance sheet.

In the meantime, Tesla still plans to hold bitcoins for the long term. CFO Zachary Kirkhorn, who also holds the title of Master of Coin, said that Monday during an earnings conference: We truly believe in the long-term value of bitcoin. So we plan to keep what we have for the long term and continue to collect bitcoins from our customers’ transactions when they buy vehicles.

What do you think about Tesla owning $2.48 billion in bitcoins? Let us know your comments in the section below.

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