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Tesla Hodls Bitcoin: Steadiness Sheet Exhibits $1.26B in Digital Belongings

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Elon Musk’s electrical automobile firm, Tesla, is hodling bitcoin. The corporate’s steadiness sheet exhibits $1.261 billion in digital belongings. Tesla has neither bought nor offered any crypto belongings because the first quarter of final yr.

Tesla Continues to Hodl Bitcoin

Tesla launched its earnings outcomes for the primary quarter of 2022 Wednesday. Elon Musk’s electrical automobile firm reported one other document quarter of gross sales and revenue exceeding Wall Avenue estimates regardless of inflation strain.

The corporate’s income rose 81% to $18.76 billion from $10.39 billion a yr in the past. Its earnings jumped 658% from $438 million within the earlier yr to $3.32 billion within the first quarter of this yr. “I’ve by no means been extra optimistic and excited by way of the longer term than I’m proper now,” Musk stated throughout Wednesday’s earnings name.

Amid document revenue, Tesla’s steadiness sheet exhibits web digital belongings of $1.261 billion.

Tesla’s assertion of money flows nonetheless exhibits that the corporate’s solely buy of digital belongings occurred within the first quarter of final yr when it purchased $1.5 billion value of BTC. The one sale of digital belongings additionally occurred in the identical quarter.

In January, Tesla started accepting the meme cryptocurrency dogecoin for some merchandise. Nevertheless, the corporate has but to deliver again bitcoin as a cost possibility.

Musk has stated that he sees bitcoin as a retailer of worth whereas dogecoin is healthier fitted to transactions. He beforehand revealed that he personally owns bitcoin (BTC), ether (ETH), and dogecoin (DOGE) — and won’t promote them.

The Tesla boss has not too long ago made an supply to purchase Twitter Inc. with the purpose to make “important enhancements” to the platform. The supply adopted him taking a 9.2% stake within the social media big. Musk has reportedly secured $46.5 billion to purchase Twitter.

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