Electric car giant Tesla announced its balance sheet. Accordingly, Tesla continues to hold $184 million worth of digital assets. Crypto assets were also unchanged in the third quarter after the automaker sold most of its Bitcoin (BTC) last year.
The auto giant announced its balance sheet, Bitcoin assets did not change!
The electric car maker continues to hold $184 million worth of crypto assets on its balance sheet. Therefore, digital assets on Tesla’s balance sheet remained unchanged in the second quarter. As of June 30, the value of assets remained stable (despite Bitcoin’s price increase over the quarter) due to accounting rules that do not allow unrealized gains to be recorded in crypto.
As you follow on Kriptokoin.com, Bitcoin price increased by about 7% in the second quarter. Thus, it has achieved a gain of approximately 80% since the beginning of the year. Tesla reported that it purchased $1.5 billion worth of Bitcoin in February 2021. The company said at that time it would start accepting the asset as a form of payment. However, CEO Elon Musk later backed off from these statements, citing environmental concerns.
Musk’s company sold about 75% of the Bitcoin stack in the second quarter of 2022. Thus, it reduced a total of $218 million worth of digital assets on its balance sheet. “We are definitely open to increasing our Bitcoin holdings in the future,” Musk said during the company’s July 2022 balance sheet statement. Therefore, this should not be taken as a decision about Bitcoin,” he said. The company cut its digital assets from $218 million to $184 million in the fourth quarter of that year. Tesla has since maintained this level for the last quarter of 2022 and the first three months of 2023. These assets were unchanged in the second quarter, according to financial statements released Wednesday.
The Tesla boss is quite involved with the crypto world!
Elon Musk acknowledged his fondness for Dogecoin (DOGE). It even replaced Twitter’s logo with Dogecoin’s in April. Investor Keith Johnson filed a $258 billion lawsuit against Musk in June 2022. Johnson claimed that Musk was involved in a pyramid scheme designed to manipulate DOGE’s price. Musk’s lawyers said there is nothing illegal to tweet in support of a crypto asset with a market cap of around $10 billion as of Wednesday.
Elon Musk broke his silence on crypto during the Wall Street Journal’s CEO Council Summit in May. “I do not advise anyone to buy crypto or bet on Dogecoin,” Musk said.
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