Tesla's Q1 SEC Filing Reveals $2.48 Billion in Bitcoin Holdings Tesla's Q1 SEC Filing Reveals $2.48 Billion in Bitcoin Holdings

  Back

Tesla's Q1 SEC Filing Reveals $2.48 Billion in Bitcoin Holdings

updated on:29 Apr 2021

E.V. manufacturer Tesla has put an exact figure on its Bitcoin holdings, revealing in its Q1 filing with the Securities and Exchange Commission (SEC) that as of March 31, 2021, the market value of Bitcoin held on its balance sheet was $2.48 billion.

In the filing, Tesla recorded a net gain of $101 million on digital assets during the quarter, based on realized gains of $128 million through sales, and $27 million of impairment losses on its Bitcoin investment during the same period. Bitcoin is the only digital asset held by the company.

The filing follows an investor call yesterday on which Tesla revealed that it had sold 10% of its Bitcoin holdings for $272 million in the first quarter of 2021. CEO Elon Musk later tweeted (in response to sniping from Barstool Sports founder Dave Portnoy) that the company had done so in order to "prove liquidity of Bitcoin as an alternative to holding cash on balance sheet."
The automaker revealed in a January 2021 SEC filing that it had purchased Bitcoin worth $1.5 billion, and planned to accept Bitcoin as payment for its products—keeping any BTC earned from sales, rather than converting it into fiat currency. True to its word, last month Tesla introduced the option to purchase its products using Bitcoin in the US, noting that it would introduce the feature to other regions later in the year.

Tesla's Bitcoin buy sparked a rush of interest in the cryptocurrency, with MicroStrategy CEO Michael Saylor—who offered to share his "playbook" for buying Bitcoin with Musk—describing it as the "tip of the iceberg" for institutional investment.

Share this Blog with your friends

0 Comments

No Comments

Suggested Content

NYDIG 'Making it Simple' To Buy Bitcoin From U.S. Banks

updated on:6 May 2021

New York Digital Investment Group (NYDIG) has partnered with fintech giant Fidelity National Informa

Continue Reading

Digital Currency Group Buying $750 Million in GBTC Shares

updated on:4 May 2021

Digital Currency Group, a major crypto investment firm led by CEO Barry Silbert, plans to buy an add

Continue Reading

Warren Buffett’s Right-Hand Man: Bitcoin’s Success is ‘Disgusting’

updated on:4 May 2021

Charlie Munger, the 97-year-old American billionaire investor, hates Bitcoin and wants everyone to k

Continue Reading

Alleged Operator of $336 Million Bitcoin Mixing Service Arrested in US

updated on:29 Apr 2021

US law enforcement officers have arrested Roman Sterlingov, an alleged operator of a crypto mixing s

Continue Reading

SEC Delays Decision on VanEck Bitcoin ETF

updated on:29 Apr 2021

The SEC is extending its review of a Bitcoin ETF proposal from the asset management company VanEck,

Continue Reading