Tesla Has Neither Been Buying Or Selling Crypto Since Q1 2021

  • Tesla hasn’t traded any cryptocurrencies for a year, according to its latest earnings report
  • The company currently holds $1.26 billion in digital assets

Since making its $1.5 billion bitcoin investment in the first quarter of 2021, Tesla has refrained from trading additional digital assets.

The electric car company reported $1.26 billion in digital asset holdings in its first-quarter earnings report on Wednesday, nearly unchanged from its holdings at the end of the fourth quarter of 2021.

Tesla has not bought or sold any crypto assets since the first quarter of 2021, the filings reveal. Any change in the value of the company’s digital assets since then stems from price fluctuations. In the third quarter of 2021, Tesla reported a loss of $51 million as “bitcoin-related impairment,” a disclosure required to reflect a decline in the price of the largest cryptocurrency.

Tesla posted revenue of $18.76 billion in the first quarter of 2022, beating the expected $17.80 billion. Automobile revenues accounted for $16.86 billion, an increase of 87% over the same quarter last year.

The earnings report comes as Tesla CEO Elon Musk’s love-hate relationship with cryptocurrencies continues to play out in the public arena.

In March 2021, a month after Tesla purchased bitcoin, Musk announced via Twitter that the company would accept bitcoin as payment. Less than two months later, also in a tweet, Musk backtracked on his previous statement, revealing that Tesla would not accept bitcoin due to the cryptocurrency’s environmental impact.

In July, Musk clarified that if bitcoin mining moves in a sustainable direction, he would reconsider adding it as a payment method. In October, the company confirmed that it was leaving the door open to crypto payments in a filing with the SEC.

In January 2022, Musk revealed his interest in a different cryptocurrency – the so-called DogeCoin coin. Tesla now accepts payments in DogeCoin on its online store for certain items.


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  • Casey Wagner

    blockages

    Senior Reporter

    Casey Wagner is a New York-based business journalist who covers regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in media studies. Contact Casey via email at [email protected]

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Tesla Has Neither Been Buying Or Selling Crypto Since Q1 2021


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