Despite announcing that Tesla had sold 75% of its bitcoin holdings in Q2, CEO Elon Musk disclosed in a quarterly investor call that the company also held Dogecoin and had not sold any of those holdings.
“We have not sold any of our Dogecoin; we still have it,” Musk said in the call.
Musk has detailed in the past that he personally owns Dogecoin but has not indicated that Tesla does, though the electric car company has been accepting Doge payments for some merchandise on their website. It’s unclear whether the company has simply been holding on to the tokens used for merch purchases or has made dedicated buys of the dog-themed “joke” cryptocurrency that Musk has repeatedly voiced his support for on Twitter.
The company disclosed that it currently owns $218 million worth of digital assets after selling $963 million worth of bitcoin. The bulk of that $218 million is likely its remaining bitcoin.
Tesla reportedly had around 42,000 bitcoin heading into the second quarter, so after selling 75% of them, it should have had around 10,500 at the end of the quarter. Now, to determine exactly how much of that total holding is Bitcoin, we’d have to know exactly when the snapshot was taken. It was assumedly taken sometime the last day of June when fiscal Q2 ended, so 1 bitcoin would have been trading for between $18,750 and $20,300 throughout the day, which at 10,500 coins would mean that around $197 million to $213 million of its total “digital assets” would be in bitcoin.
That napkin math leaves a much smaller amount of room left for Dogecoin holdings, though perhaps still a healthy amount to have been made solely on merchandise sales. Tesla has not disclosed holding any major cryptocurrencies other than bitcoin and, now, Dogecoin.
Dogecoin investor sues Elon Musk, Tesla and SpaceX for $258 billion
Comment