Tesla reveal holding profits in Q3 report
Tesla’s latest earnings report has revealed Elon Musk’s clean energy company has profited $1 billion from holding bitcoin.
According to a Q1 filing with the SEC, Tesla declared the value of its Bitcoin amounted to $2.48 billion, and its carrying value—the original price it paid for its bitcoin—was $1.33 billion by the end of Q1. Tesla then sold off roughly 10% of its holdings “to prove the liquidity of Bitcoin as an alternative to holding cash on a balance sheet.”
This sale saw Tesla profit by $101 million, meaning the monetary value of the bitcoin it sold was over $270 million. After this exercise, Tesla had around 42,000 bitcoin remaining, which was bought when the price of one BTC was $31,620.
Amid last week’s highs, one Bitcoin was worth in excess of $66,000, meaning that Tesla holdings were worth roughly $2.67 billion, and have gained more than a billion dollars in value since Q1.