Tesla Inc. maintained its pro-Bitcoin stance in a recent Securities and Exchange Commission (SEC) filing, claiming bitcoin has "long-term potential" and is "a liquid alternative to cash."
“We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash.” “We may increase or decrease our holdings of digital assets at any time based on the needs of the business and on our view of market and environmental conditions.”
According to the document, the electric car manufacturer has not sold any of its bitcoin holdings since the previous quarter.
Tesla reported $1.26 billion in digital asset holdings in its first quarter financial report last month, roughly same to its holdings at the end of the fourth quarter in 2021, when it made its first, and so far only, $1.5 billion bitcoin investment. According to the document, the fair market value of its digital asset holdings as of March 31, 2022 is $1.96 billion.
the quarterly report said:
“As with any investment and consistent with how we manage fiat-based cash and cash-equivalent accounts, we may increase or decrease our holdings of digital assets at any time based on the needs of the business and our view of market and environmental conditions”
Tesla announced on October 14, 2021 that its initial bitcoin investment has raised more than $1 billion. Tesla just announced a cooperation with BlockStream and Block on April 8, 2022, stating that Tesla energy equipment would be used to power a $12 million bitcoin mining plant.