{"id":13456,"date":"2021-10-22T00:54:06","date_gmt":"2021-10-22T00:54:06","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/tesla-hodls-bitcoin-in-q3-elon-musk-tweets-btc-at-69k-meme\/"},"modified":"2021-10-22T00:54:06","modified_gmt":"2021-10-22T00:54:06","slug":"tesla-hodls-bitcoin-in-q3-elon-musk-tweets-btc-at-69k-meme","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/tesla-hodls-bitcoin-in-q3-elon-musk-tweets-btc-at-69k-meme\/","title":{"rendered":"Tesla Hodls Bitcoin in Q3, Elon Musk Tweets BTC at $69K Meme"},"content":{"rendered":"

Tesla is currently holding bitcoin worth $1.26 billion on its balance sheet, the company\u2019s third-quarter earnings report shows. The electric car company reported a bitcoin-related impairment of $51 million in the quarter. Meanwhile, CEO Elon Musk tweeted a meme showing the price of bitcoin at $69K and ether at $4.2K.<\/strong><\/p>\n

Tesla Continues to Hold Bitcoin on Balance Sheet<\/h2>\n

Elon Musk\u2019s electric car company, Tesla (Nasdaq: TSLA), released its third-quarter earnings report Wednesday. The company posted $13.757 billion in revenue, a 57% increase from the same period last year. It wrote: \u201cThe third quarter of 2021 was a record quarter in many respects. We achieved our best-ever net income, operating profit and gross profit.\u201d<\/p>\n

Tesla\u2019s balance sheet shows net digital assets of $1.26 billion as of Sept. 30, down from $1.311<\/a> billion at the end of the second quarter. Tesla reported a bitcoin-related impairment of $51 million in Q3.<\/p>\n

Tesla\u2019s cash flow statement still shows that the only BTC<\/a> purchase and sale were made in the first quarter when the company bought bitcoin worth $1.5 billion and sold $272 million worth of BTC<\/a>.<\/p>\n

According to Tesla\u2019s 10-K form filed with the U.S. Securities and Exchange Commission (SEC), the company\u2019s \u201cdigital assets are initially recorded at cost and are subsequently remeasured on the consolidated balance sheet at cost, net of any impairment losses incurred since acquisition.\u201d Tesla explained that it performs an analysis each quarter to identify impairment, adding: \u201cIf the carrying value of the digital asset exceeds the fair value based on the lowest price quoted in the active exchanges during the period, we will recognize an impairment loss equal to the difference in the consolidated statement of operations.\u201d<\/p>\n

While Tesla never disclosed how many bitcoins it owned, CEO Elon Musk revealed in July that the amount was close to<\/a> 42K BTC<\/a>. At the time of writing, the price of bitcoin is $$63,053.60. It surpassed all-time highs Wednesday following the debut of the U.S.\u2019 first bitcoin futures exchange-traded fund (ETF). This means Tesla\u2019s bitcoin stash is currently worth about $2.65 billion.<\/p>\n

On Wednesday, Musk tweeted<\/a> a meme showing the price of bitcoin at $69K and the price of ether at $4.2K.<\/p>\n<\/p>\n

Musk has long been a crypto proponent. He revealed<\/a> in July that besides bitcoin, he personally owned \u201ca bit of ethereum and dogecoin.\u201d The Tesla executive opined, \u201cIn general, I am a supporter of bitcoin,\u201d noting that the BTC<\/a> he owned was \u201cworth a lot more than ethereum or doge.\u201d<\/p>\n

In September, Musk said that governments should not try to control or regulate cryptocurrencies, emphasizing that regulators should \u201cdo nothing<\/a>\u201d about crypto.<\/p>\n

What do you think about Tesla\u2019s bitcoin holdings and Elon Musk\u2019s tweet? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nFeatured, Elon Musk, elon musk bitcoin, elon musk bitcoin price, elon musk tweet, Tesla, tesla bitcoin, tesla bitcoin holdings, Teslas Bitcoin, teslas btc<\/p>\n","protected":false},"excerpt":{"rendered":"

Tesla is currently holding bitcoin worth $1.26 billion on its balance sheet, the company\u2019s third-quarter earnings report shows. The electric car company reported a bitcoin-related impairment of $51 million in the quarter. Meanwhile, CEO Elon Musk tweeted a meme showing the price of bitcoin at $69K and ether at $4.2K. Tesla Continues to Hold Bitcoin…<\/p>\n","protected":false},"author":0,"featured_media":13457,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13456"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13456"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13456\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13457"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}