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Tesla informs SEC that it may reopen cryptocurrency transactions

Tesla Informs SEC It May Restart Transacting in Cryptocurrencies

Elon Musk’s electric car company, Tesla has told the U.S Securities and Exchange Commission in a quarterly filing it might resume the practice of transacting with cryptocurrencies for its products and/or services. Tesla stopped accepting bitcoin payments in May due to environmental concerns.

Tesla May Recommend Bitcoin Acceptance, SEC Filing Shows

Tesla Inc. filed a quarterly report with the U.S. Securities and Exchange Commission (SEC) Monday.

The company explained that during the nine months ended Sept. 20, it “purchased an aggregate of $1. 50 billion in bitcoin.” In its Q3 earnings report, Tesla’s balance sheet shows bitcoin worth $1. 26 billion, after reporting bitcoin-related impairments in the past two quarters.

The SEC filing further states that during the three months ended March 31, Tesla “accepted bitcoin as a payment for sales of certain of our products in specified regions, subject to applicable laws.” However, the company noted that it “suspended this practice in May 2021.” Tesla continued:

We may in the future restart the practice of transacting in cryptocurrencies (‘digital assets’) for our products and services.

The electric car company, whose market cap hit $1 trillion for the first time this week, explained that it “suspended vehicle purchases using bitcoin” due to concerns “about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

Elon Musk, CEO of

Tesla, tried to persuade bitcoin miners to switch to renewable energy. In May, he spoke with North American bitcoin miners, after which they formed a Bitcoin Mining Council to “promote energy usage transparency & accelerate sustainability initiatives worldwide.”

In June, Musk tweeted: “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions.”

At the “B Word” event in July, he said: “It looks like Bitcoin is shifting a lot more toward renewables and a bunch of the heavy-duty coal plants that were being used … have been shut down, especially in China.” He added: “I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend toward increasing that number. If this is the case, Tesla will most likely accept bitcoin .

While Tesla only accepted bitcoin, Musk conducted a poll on Twitter in May asking his followers if Tesla should accept dogecoin (DOGE). 78.2% of more than 3.9 million votes were in favor of Tesla accepting the meme cryptocurrency. Musk recently confirmed that he personally owns bitcoin, ether, and dogecoin. His companies Spacex and Tesla only have bitcoin.

Do you think Tesla will accept bitcoin again soon and do you think the company will also accept dogecoin? Please let us know your thoughts in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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