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TESLA really owns that many bitcoins!

 


In the annual report, filed with the US Securities and Exchange Commission (SEC) on Feb. 7, Tesla disclosed how much Bitcoin the automaker actually owned at the end of 2021.


The electric car maker invested a whopping $1.5 billion in the largest cryptocurrency in the first quarter of 2021 , and by the end of 2021 it was a whopping $1.99 billion, according to the annual report. In the meantime , the car manufacturer even recorded around 1 billion profits from the cryptocurrency Bitcoin.


Last March, Tesla made a $128 million profit by selling a small portion of its bitcoin holdings to prove the coin had an adequate level of liquidity.


In December, the company recorded $101 million in impairments due to the cryptocurrency's significant price volatility.


After Tesla announced its massive Bitcoin purchase a year ago, the company faced a backlash from environmental activists. Many pointed out that this would not bode well for the company's zero-emission efforts, and accused Musk, a green tech poster boy, of hypocrisy.


Tesla started accepting bitcoin for cars and accessories in late March. After basking in the admiration of Bitcoin enthusiasts, Musk became their overnight nemesis after announcing that Tesla had stopped payment support for the flagship cryptocurrency due to its carbon emissions. The company is leaving the door open for Bitcoin payments to resume once most mining is powered by renewable energy. According to a report published by the Bitcoin Mining Council, the share of sustainable energy rose to 58.5% in the fourth quarter.


In January, Tesla enabled the purchase of some goods using the Dogecoin cryptocurrency, which Musk has frequently touted.


Undeterred by supply chain issues, the company recently reported record profits of $5.5 billion in the fourth quarter of 2021. These record profits could be attributed to bitcoin, among other things.

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