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

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

Elon Musks electric car company, Tesla, is hodling bitcoin. The companys balance sheet shows $1.261 billion in digital assets. Tesla has neither purchased nor sold any crypto assets since the first quarter of last year.

Tesla Continues to Hodl Bitcoin

Tesla released its earnings results for the first quarter of 2022 Wednesday. Elon Musks electric car company reported another record quarter of sales and profit exceeding Wall Street estimates despite inflation pressure.

The companys revenue rose 81% to $18.76 billion from $10.39 billion a year ago. Its earnings jumped 658% from $438 million in the previous year to $3.32 billion in the first quarter of this year. “Ive never been more optimistic and excited in terms of the future than I am right now,” Musk said during Wednesdays earnings call.

Amid record profit, Teslas balance sheet shows net digital assets of $1.261 billion.

Teslas statement of cash flows still shows that the companys only purchase of digital assets happened in the first quarter of last year when it bought $1.5 billion worth of BTC. The only sale of digital assets also happened in the same quarter.

In January, Tesla began accepting the meme cryptocurrency dogecoin for some merchandise. However, the company has yet to bring back bitcoin as a payment option.

Musk has said that he sees bitcoin as a store of value whereas dogecoin is better suited for transactions. He previously revealed that he personally owns bitcoin (BTC), ether (ETH), and dogecoin (DOGE) — and will not sell them.

The Tesla boss has recently made an offer to buy Twitter Inc. with the aim to makesignificant improvementsto the platform. The offer followed him taking a 9.2% stake in the social media giant. Musk has reportedly secured $46.5 billion to buy Twitter.

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