Tesla CEO Elon Musk has subtly confirmed that the electric car manufacturer's bitcoin holdings are close to 42,069 BTC, after a shareholder's calculation based on the company's latest regulatory filing. The hint came via a Twitter exchange with Tesla shareholder Dave Lee, who used the fair market value disclosed in Tesla's Form 10-Q filed with the U.S. Securities and Exchange Commission (SEC).
SEC Filing and Musk's Reply
In its quarterly report, Tesla stated: "As of June 30, 2021, the carrying value of our digital assets held was $1.31 billion, which reflects cumulative impairments of $50 million. The fair market value of such digital assets held as of June 30, 2021 was $1.47 billion." Lee divided $1.47 billion by the approximate bitcoin price on June 30 ($35,040) to estimate a holding of 42,069 BTC. He posted the calculation on Twitter and Musk responded: "We don't have that many bitcoin, but it's close."
This exchange sheds light on Tesla's exact bitcoin position, which had been a subject of speculation since the company first purchased $1.5 billion worth of the cryptocurrency in the first quarter. Tesla briefly accepted bitcoin as payment in March but suspended the practice in May over environmental concerns. During the recent "B Word" conference, Musk indicated that Tesla will likely resume accepting bitcoin payments in the future.
Portfolio Changes and Industry Comparison
At the end of Q2, Tesla's bitcoin holdings were valued at $1.311 billion on its books, down from a peak of about $2.5 billion in April. Despite the impairment, Tesla remains one of the largest corporate holders of bitcoin. The only public company with a larger bitcoin treasury is MicroStrategy, led by bitcoin evangelist Michael Saylor, which holds approximately 105,085 BTC as of the same period.
Musk also revealed during the B Word event that he personally owns bitcoin, as does his aerospace company SpaceX. In addition, Musk owns ether and dogecoin. This diversified crypto exposure by Musk and his affiliated entities underscores the growing mainstream integration of digital assets.
Tesla's bitcoin journey — from purchase to payment acceptance, suspension, and a potential return — has captured the crypto market's attention. As institutional interest continues to evolve, Tesla's next move could signal a new chapter for corporate bitcoin adoption.