Tesla’s quarterly filing with the U.S. Securities and Exchange Commission (SEC) shows that the company’s bitcoins are now worth $2.48 billion, a substantial increase from the initial investment of $1.5 billion. This is also after the electric car company sold some bitcoins to “prove liquidity.”
SEC Filing Shows Tesla Sitting on Bitcoins Worth $2.48 Billion
Elon Musk’s electric car company, Tesla Inc. (TSLA.O), revealed the value of its bitcoin holdings in its quarterly report filed with SEC on Tuesday.
Tesla explained in the filing that it purchased “an aggregate of $1.5 billion in digital assets, comprised solely of bitcoin” during the three months ended March 31. The company also began “accepting bitcoin as a payment for sales of certain of our products in specified regions, subject to applicable laws.” The company then sold some of its bitcoins in March.
After accounting for the sale of some bitcoins which netted $272 million, Tesla wrote:
As of March 31, 2021, the