Tesla Still Holds the Bitcoin It Bought: Balance Sheet Shows $1.26 Billion in Digital Assets
Elon Musk’s electric car company, Tesla (NASDAQ:), acquires . The company’s balance sheet shows 1.261 billion in digital assets. Tesla has not bought or sold any crypto assets since the first quarter of last year.
Tesla continues to hold bitcoin Tesla released its earnings results for the first quarter of 2022 on Wednesday. Elon Musk’s electric car company reported another record quarter of sales and profits that beat Wall Street estimates despite inflationary pressures.
The company’s revenue increased 81% to $18.76 billion from $10.39 billion a year earlier. Its profit jumped 658% from $438 million a year earlier to $3.32 billion in the first quarter of this year. “I’ve never been more optimistic and excited regarding the future than I am now,” Musk said during his earnings call on Wednesday.
Amid record earnings, Tesla’s balance sheet shows net digital assets of $1.261 billion.
Tesla’s Q1 2022 budget. Source: Tesla Tesla’s cash flow statement still shows that the company’s only purchase of digital assets occurred in the first quarter of last year when it bought $1.5 billion worth of BTC. The only sale of digital assets also occurred in the same quarter.
Tesla’s statement of cash flows for the first quarter of 2022. Source: Tesla In January, Tesla began accepting coins for some merchandise. However, the company has yet to return bitcoins as a payment option.
Musk said he sees bitcoin as a store of value while it is more convenient for transactions. He previously revealed that he personally owns Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE) – and will not sell them.
The Tesla chief recently made an offer to buy Twitter Inc. With the goal of making “significant improvements” to the platform. The offer came following it acquired a 9.2% stake in the social media giant. Musk reportedly received $46.5 billion to buy Twitter.
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