Balance Sheet Shows $1.26 Billion In Digital Assets – News Bitcoin News

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Elon Musk’s electric car company, Tesla, owns bitcoin. 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 remains Bitcoin Hodl

Tesla released its first quarter 2022 results on Wednesday. Elon Musk’s electric car company reported another record quarter of sales and profits that exceeded Wall Street estimates, despite inflationary pressures.

The company’s revenue rose 81% to $18.76 billion, from $10.39 billion a year ago. Earnings increased 658% from $438 million in the prior year to $3.32 billion in the first quarter of this year. “I have never been more optimistic and excited about the future than I am now,” Musk said during Wednesday’s earnings call.

Amid record profits, Tesla’s balance sheet shows net digital assets of $1.261 billion.

Tesla’s Q1 2022 balance sheet. Source: Tesla

Tesla’s cash flow statement still shows that the company’s only digital asset purchase came 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 Q1 2022 Cash Flow Statement. Source: Tesla

In January, Tesla started accepting the meme cryptocurrency dogecoin for some merchandise. However, the company has yet to bring back bitcoin as a payment option.

Musk has said he sees bitcoin as a store of value, while dogecoin is better suited for transactions. He previously revealed that he personally owns bitcoin (BTC), ether (ETH), and dogecoin (DOGE) — and will not sell them.

The Tesla boss recently made an offer to buy Twitter Inc. with the aim of making “significant improvements” to the platform. The offer followed him on taking a 9.2% stake in the social media giant. Musk has reportedly secured $46.5 billion to buy Twitter.

What do you think of Tesla hodling bitcoin? Let us know in the comments below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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