Tesla Announces $1,261 Billion In Digital Asset Holdings, Including BTC, ETH, And DOGE

Elon Musk's electric car maker, Tesla. (Between)

JAKARTA – The electric car manufacturer Tesla recently showed its digital asset ownership to the public in its financial statements for the first quarter of 2022. The electric car manufacturer has digital assets worth 1.261 billion US dollars (IDR 18.2 trillion). Since its first digital asset purchase in the first quarter of 2021, Tesla has not made a second purchase to date.

According to Bitcoin.com News, electric car company Elon Musk reported another quarterly record sales and profit that exceeded Wall Street forecasts despite inflationary pressures.

The company's revenue rose 81 percent to 18.76 billion dollars from 10.39 billion dollars a year ago. Its revenue jumped 658 percent from US$438 million a year earlier to US$3.32 billion in the first quarter of this year.

"I've never been more optimistic and excited about the future than I am now," Musk said during an earnings report on Wednesday.

Amid record profits, Tesla's balance sheet shows net digital assets of 1.261 billion US dollars. Tesla is still pointing out that the company's only digital asset purchases occurred in the first quarter of last year when it bought BTC. The only digital asset sale also occurred in the same quarter.

In January, Tesla started accepting Dogecoin (DOGE) cryptocurrency memes for some merchandise. However, the company has not returned bitcoin as a payment option.

Musk said that he sees Bitcoin as a store of value whereas Dogecoin is more suitable for transactions. He previously disclosed that he personally owns bitcoin (BTC), ether (ETH), and dogecoin (DOGE) — and will not sell them.

The Tesla boss recently made an offer to buy Twitter Inc. to make “significant improvements” to the platform. The offer followed suit by taking a 9.2 percent stake in the social media giant. Musk has reportedly secured $46.5 billion to buy Twitter.