10 Companies Hoarding Bitcoin Like There’s No Tomorrow

4. Tesla, Inc. (NASDAQ:TSLA)

Bitcoin Holdings: ~11,500

Number of Hedge Fund Holders: 99

Tesla, Inc. (NASDAQ:TSLA) manufactures, and sells electric vehicles, along with energy generation and storage systems globally. It operates in two segments: Automotive and Energy Generation and Storage.

The company’s CEO Elon Musk is a major endorser of cryptocurrencies and according to different sources, holds significant amounts of Bitcoin, Ethereum, and DogeCoin. Tesla initially invested $1.5 billion in Bitcoin in early 2021, purchasing about 39,474 BTC at an average price of $38,000. In July 2022, Tesla sold 75% of its holdings, leaving it with roughly 9,868 BTC. The company’s sale occurred when Bitcoin’s price was much lower, around $18,900, resulting in a loss compared to its initial investment. The company had temporarily started accepting Bitcoin back then but later decided to stop accepting it, citing environmental concerns. According to the company’s FAQ page, Tesla only accepts Dogecoin for payments.

In December 2023, the FASB issued ASU No. 2023-08, which changes the accounting and reporting of crypto assets, effective December 15, 2024, with early adoption permitted. Under this update, certain crypto assets must be measured at fair value on the balance sheet, with any changes reported in the statement of operations each period. While the company is currently assessing how this change might affect the value of its crypto assets and related financial results, CoinGecko suggests that Tesla (NASDAQ:TSLA) currently holds somewhere around 11,500 BTC.