Tesla Is Said To Hold Some Dogecoin, But How Much?

Tesla CEO Elon Musk said on a quarterly investor call that the firm also held Dogecoin and had not sold any of those assets, despite Tesla’s announcement that it had sold 75% of its Bitcoin holdings in Q2.

Although Tesla has been accepting Doge payments for select products on their website, Musk has previously disclosed that he personally owns Dogecoin but has not stated that the electric car manufacturer does as well.

It’s unclear if the business has bought any specific amounts of the dog “joke” cryptocurrency that Musk has frequently supported on Twitter or if it has just been hanging onto the tokens used for merchandise transactions.

Musk said in the call:

“We have not sold any of our Dogecoin; we still have it,”

After selling $963 million worth of Bitcoin, the corporation revealed that it now controls digital assets valued at $218 million. That $218 million’s leftover Bitcoin is probably the majority of that sum.

After selling 75% of the estimated 42,000 Bitcoin it held at the beginning of the second quarter, Tesla should have had about 10,500 at the end of the period. We would need to know the exact time the snapshot was taken in order to calculate exactly how much of that total holding is Bitcoin. 

Since 1 Bitcoin was trading for between $18,750 and $20,300 on the last day of June, when fiscal Q2 finished, and since there were 10,500 coins in circulation, this means that between $197 million and $213 million of the company’s total “digital assets” were in Bitcoin.

That quick calculation leaves much less room for Dogecoin holdings, though probably still a respectable sum to have been made just from retail sales. Other than Bitcoin and, and now, Dogecoin, Tesla has not declared holding any other significant cryptocurrencies.

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Patrick

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