Elon Musk’s electric car company, Tesla, is hodling bitcoin. The company’s balance sheet shows $1.261 billion in digital assets. Since the beginning of 2017, Tesla has not purchased or sold any cryptocurrency assets.
Tesla continues to host Bitcoin
Tesla announced its first quarter earnings results Wednesday. Elon Musk’s electric car company reported another record quarter of sales and profit exceeding Wall Street estimates despite inflation pressure.
The company’s revenue rose 81% to $18.76 billion from $10.39 billion a year ago. From $438 million the year before, to $3.32 Billion the year after the start of the year, its earnings rose 658%. “I’ve never been more optimistic and excited in terms of the future than I am right now,” Musk said during Wednesday’s earnings call.
Amid record profit, Tesla’s balance sheet shows net digital assets of $1.261 billion.
Tesla’s statement of cash flows still shows that the company’s only purchase of digital assets happened in the first quarter of last year when it bought $1.5 billion worth of BTC. It was also the quarter in which it sold its sole digital asset.
Tesla started accepting dogecoin, a meme cryptocurrency, for certain merchandise in January. But, it has not yet brought back bitcoin as an option for payment.
Musk said that Bitcoin is his store of value while Dogecoin suits transactions better. 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 make “significant improvements” to the platform. After taking 9.2% of the social media company, he made an offer. Musk is reported to have secured $46.5 million for Twitter.
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