Tesla CEO Elon Musk has provided a rare glimpse into the company's bitcoin holdings, hinting that the electric vehicle maker owns approximately 42,000 BTC. The revelation came after Tesla shareholder Dave Lee calculated the figure based on the firm's latest SEC filing, which showed the fair market value of its digital assets at $1.47 billion as of June 30, 2021.
Tesla's Bitcoin Holdings Under the Microscope
In its Form 10-Q filed with the U.S. Securities and Exchange Commission, Tesla reported a carrying value of $1.31 billion for its digital assets, reflecting cumulative impairments of $50 million. The fair market value stood at $1.47 billion. Using bitcoin's close price of roughly $35,040 on June 30, Dave Lee estimated Tesla's stash at 42,069 BTC. Musk replied to the tweet: "We don't have that many bitcoin, but it's close." This confirms that Tesla's actual holdings are near 42,000 BTC, making it the second-largest publicly traded company holding bitcoin, after MicroStrategy.
Musk's Broader Crypto Portfolio
During the "The B Word" bitcoin conference, Musk revealed that he personally owns BTC, along with his other company, SpaceX. He also holds ether and dogecoin. Tesla originally purchased $1.5 billion worth of bitcoin in the first quarter of 2021, briefly accepted it as payment in March, then suspended the option in May due to environmental concerns. Musk later indicated Tesla would likely resume accepting bitcoin once mining becomes greener.
Comparison with MicroStrategy
MicroStrategy, led by bitcoin evangelist Michael Saylor, currently holds approximately 105,085 BTC, far exceeding Tesla's position. However, Tesla's influence on the cryptocurrency market is disproportionate to its holdings, given Musk's frequent comments and the company's consumer-facing brand. The implied holding of about 42,000 BTC at an average cost of roughly $35,000 per coin means Tesla is sitting on a significant unrealized gain, though the paper value has fluctuated wildly with bitcoin's price.
Investors and crypto enthusiasts will continue to monitor Tesla's SEC filings for any change in its digital asset holdings. Musk's hint provides the clearest public estimate so far, but the exact number remains known only to Tesla's inner circle.