Electric car maker Tesla has released its fourth quarter financial report, stating that the company’s Bitcoin holdings remain unchanged, as does its Dogecoin holdings – which are still zero.
At report released yesterday, the Elon Musk-led company said that despite the recent market crash, it did not buy or sell BTC in the fourth quarter. With this, Tesla proves that it does not have a “weak hand” and believes in the appreciation of Bitcoin, even if the company’s Bitcoin investment is still in deficit.
Tesla made its latest sale in the second quarter when it sold 75% of its Bitcoin holdings, worth $936 million. Musk’s company held $184 million in Bitcoin (approximately 9,720 BTC) as of December 31, down about $34 million in the fourth quarter from $218 million in the third quarter.
Dogecoin Stays Off Tesla Balance Sheet
Elon Musk’s favorite cryptocurrency, however, continues to be absent from Tesla’s financial reports. Meme coins cannot be found by mentioning one in the document.
But at least the DOGE community can boast that the meme coin remains the only cryptocurrency that Tesla accepts as a means of payment on its website.
In the FAQ about Dogecoin, Tesla writes:
Tesla only accepts Dogecoin. Tesla cannot receive or detect other digital assets. Make sure you make your purchase with Dogecoin. Sending other digital assets may result in the loss or damage of those assets. Non-Dogecoin digital assets sent to Tesla will not be returned to the buyer.
At the same time, the company also explained that it could not accept DOGE, even if the purchase was revoked. “All Dogecoin purchases are final sales. Items purchased with Dogecoin cannot be returned, exchanged or canceled. Items purchased with Dogecoin cannot be returned or exchanged for cash.
Tesla suspends all purchases with Bitcoin in May 2021 due to increasing pressure from the ESG lobby due to environmental concerns. Later, in March 2022, Elon Musk announced that Tesla merchandise can be purchased with DOGE.
However, things have changed since then. The Bitcoin Mining Council was founded by MicroStrategy’s Michael Saylor, and Musk said that Tesla will resume Bitcoin payments when mining is more than 50% sustainable.
The Bitcoin Mining Council has confirmed this several times in their monthly reports that bitcoin mining is going green. In its latest Q4 report, the organization found that Bitcoin mining has a sustainable energy mix of 58.9%, making it one of the most sustainable industries in the world.
Whether DOGE will remain the only allowed crypto payment method for a long time remains to be seen.
Doge price today
At press time, DOGE stood at $0.0858, remaining relatively flat after seeing a 41% rally from December 30 to January 22 when the price hit a local high of $0.0928.
Option images from iStock, Charts from TradingView.com