Tesla SEC Filing Reveals the Company ‘Believes in the Potential of Digital Assets’

Tesla SEC Filing Reveals the Company ‘Believes in the Potential of Digital Assets’
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BUSINESS

Tesla’s SEC Filing Reveals the Company ‘Believes in the Potential of Digital Assets’

After more than a year of Elon Musk's public love-hate relationship with cryptocurrency, Tesla has taken a more favorable stance.

05/04/2022

Tesla Now Accepts Bitcoin Payment

Tesla has taken a more definitive stance after months of mixed messages from its CEO, opting to leave the door open for future digital asset investments, according to a recent SEC filing.

“We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash,” Tesla’s quarterly report SEC filing said. 

Tesla leave the door open for future digital asset investments

Tesla reported $1.26 billion in digital asset holdings in its first quarter financial report last month and roughly unchanged from its holdings at the end of the fourth quarter in 2021, when it made its first, and so far only, $1.5 billion bitcoin purchase. According to the filing, the fair market value of its digital asset holdings as of March 31, 2022, is $1.96 billion.

Tesla CEO Elon Musk’s love-hate relationship with cryptocurrencies has been playing out on the public stage for over a year.

Musk declared on Twitter in March 2021, a month after Tesla’s bitcoin purchase, that the business would accept bitcoin as payment. Musk reneged on his prior remark less than two months later. Also, in a tweet, saying that Tesla would not take bitcoin owing to the cryptocurrency’s environmental impact.

Elon Musk clarified in July 2021 that if bitcoin mining became more sustainable, he might examine incorporating it as a payment method. In an SEC filing in October, the corporation acknowledged that it was open to crypto payments.

In addition, Musk has long been interested in a separate cryptocurrency known as Dogecoin. According to the report, Tesla now accepts Dogecoin payments for some items on its online store, while no revenue from Dogecoin payments was reported in the company’s quarterly report.

“As with any investment and also consistent with how we manage fiat-based cash and cash-equivalent accounts. We may grow or decrease our holdings of digital assets at any time based on the needs of the business and our assessment of market and also environmental factors,” according to the quarterly report.

By Elah Mae Ariate Wozinga Staff

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