Elon Musk’s electric car company, Tesla, did not sell any bitcoin in the fourth quarter, according to the company’s latest financial statement. Tesla is holding bitcoin worth $1.26 billion. The company still has not resumed accepting bitcoin payments but now accepts the meme cryptocurrency dogecoin (DOGE) for some merchandise.
Tesla Did Not Sell Bitcoin in Q4
Tesla released its Q4 and FY2021 financial statements Wednesday. The company’s unaudited balance sheet shows net digital assets of $1.26 billion at the end of December last year. This amount is unchanged from the third quarter.
Tesla’s unaudited balance sheet showing digital assets. Source: Tesla
Tesla’s unaudited statement of cash flows also shows that there was no purchase or sale of digital assets in the last three quarters. The only cryptocurrency purchase Tesla made was bitcoin in the first quarter in the amount of $1.5 billion. The only sale the company made was also in the first quarter.
Tesla’s unaudited statement of cash flows showing when the company bought and sold BTC. Source: Tesla
While Tesla never disclosed how much bitcoin it owns, Musk previously hinted that it is close to 42K BTC.
The electric car company started accepting bitcoin for payments in March 2021. However, the company halted accepting the crypto in May citing environmental issues.
Musk subsequently said that Tesla will resume accepting BTC when bitcoin miners can confirm clean energy usage. “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” he said. However, Tesla still has not resumed accepting bitcoin.
Meanwhile, Tesla is now accepting the meme cryptocurrency dogecoin (DOGE) for some merchandise. Musk, also known in the crypto community as the Dogefather, has been a longtime supporter of dogecoin. He recently tried to tempt McDonald’s to accept DOGE by offering to eat a happy meal on television if the fast-food chain accepts the meme coin. However, McDonald’s replied to Musk that it will only accept DOGE if Tesla accepts “grimacecoin.”
What do you think about Tesla holding bitcoin but accepting dogecoin for payments? Let us know in the comments section below.
A student of Austrian Economics, Kevin 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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