Tesla sold 75% of its Bitcoin Holdings: Musk reveals that the company still holds DogeCoin

After announcing that Tesla had sold 75% of its Bitcoin holdings in Q2, Elon Musk revealed in a quarterly investor call that the company also held Dogecoin and had not sold any of Dogecoin.

Musk’s exact remarks were “We have not sold any of our Dogecoin; we still have it”.

tesla-sells-bitcoin
Elon Musk reveals Tesla has Dogecoin in possession

Musk has mentioned in the past that he privately owns Dogecoin but has not revealed that Tesla also holds it. However, the electric car company has been bearing Doge payments for some merchandise on their website. It’s indefinite whether the company has simply been holding on to the tokens utilized for merchandise purchases or has made trustworthy acquisitions of the dog-themed “joke” cryptocurrency that Musk has frequently voiced his support for on Twitter.

Also read, Elon musk’s $258 billion lawsuit “Dogecoin pyramid scheme”

The company revealed that it currently owns $218 million worth of digital assets after trading $963 million worth of Bitcoin. The majority of that $218 million is probably its remaining Bitcoin.

Tesla reportedly had approximately 42,000 Bitcoin heading into the second quarter, so after selling 75% of them, it should have had around 10,500 in possession at the end of the quarter. To specify exactly how much of that total holding is Bitcoin, we will have to understand precisely when the trade was done. This trade was apparently done on the last day of June when fiscal Q2 was completed. So 1 Bitcoin would have been dealing for between the range of $18,750 to $20,300, which at 10,500 coins would mean that around $197 million to $213 million of its entire “digital assets” would be in Bitcoin.

Following the sale, there is a much smaller amount of room left for Dogecoin holdings, however, there is still a wholesome amount to have been made exclusively on merchandise sales. Tesla has not informed regarding holdings of other major cryptocurrencies, just Bitcoin and now Dogecoin.


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