Elon Musk Reveals Tesla’s Bitcoin Holding to be About 42K Bitcoins

A few days ago Tesla disclosed the fair market value of the Bitcoin available to it as US$ 1.47 Billion. However, the company did not provide the exact number of units it has in its possession. Now the exact number of Tesla’s Bitcoin holding has been revealed by the company’s CEO, Elon Musk, who suggested that the holding comprises at least 42,000 Bitcoins.

Electric vehicle producing company, Tesla, along with its CEO is also known as brand ambassadors for Bitcoin. Both have been, in their personal capacities, devoting a fair chunk of their profits and wealth to Bitcoin as an investment. However, there was a major upset between Tesla’s and Elon Musk’s relationship with the lead coin. While the issue is still unresolved, yet both were criticized for abandoning Bitcoin at a time when the Bitcoin market was bullish.

Now the criticism has ended because Elon Musk clarified to people that neither he nor Tesla had sold any of their Bitcoin units. Instead, in the first quarter, Tesla has had to sell some of the coins as part of its business strategy. The critics also acknowledged that the situation was such that Tesla had to dispose of some coins.

Recently, the second quarter unaudited financial statements have been issued by Tesla. The unaudited statements showed that currently, Tesla holds Bitcoin worth around US$ 1.47 Billion. This was revealed to be the fair market value as of 30th June 2021 of the Bitcoin assets available with the company. However, the company did not inform as to exactly how many units of Bitcoin are currently under its possession. Now the company’s CEO, Elon Musk, has provided this information.

As per the statement of Musk, there are around 42,000 units of Bitcoin which are currently under the ownership of Tesla Inc. In addition, he informed that the carry-forward value of Tesla’s Bitcoins was around 1.31 Billion as of 30th June 2021. However, when the value of 42,000 Bitcoins was determined at a fair market price, then Tesla’s holding can be evaluated at US$1.47 Billion. Musk also reaffirmed that the company has had to bear impairment loss to the tune of US$ 50 Million. He also stated that the impairment has been duly accounting for and mentioned in the unaudited statement of accounts.

The clarification from Musk came when one of the directors of Tesla calculated Tesla’s holding on the basis of carrying forward value. According to carry forward value, Tesla should be in possession of 42,069, however, Musk denied this statement. He then clarified that the total number of Bitcoins available to Tesla is exactly 42,000.

Still, the crowned company for holding most of Bitcoin’s units is Microstrategy. Some two months ago, the company had reached closed to owning about 100,000 Bitcoins. However, since there is a major downward shift in the Bitcoin market, the company hasn’t been investing any further.