Home Cryptocurrency News Tesla reveals $101 million bitcoin profit following its massive cryptocurrency investment | Currency News | Financial and Business News

Tesla reveals $101 million bitcoin profit following its massive cryptocurrency investment | Currency News | Financial and Business News

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Elon Musk
Tesla continues to be holding greater than $1.3 billion price of the cryptocurrency.

  • Tesla says it cashed out $272 million in bitcoin within the first quarter of 2021.
  • The corporate made $101 million in income from the sale, it stated Monday.
  • Tesla disclosed the sale as a part of its first-quarter earnings, which confirmed continued profitability.
  • See more stories on Insider’s business page.

Tesla made a splash when it introduced that it had purchased $1.5 billion price of bitcoin in February – and it is already profited greater than $100 million from the investment.

Elon Musk’s automaker on Monday stated that it offered $272 million price of digital property in the course of the first three months of 2021 and that it netted $101 million from the sale.

Tesla nonetheless has $1.33 billion in digital property on its steadiness sheet, it stated. It isn’t clear precisely the place the opposite $171 million went, however changing bitcoin to US {dollars} can include excessive charges.

Learn extra: Tesla is ideally positioned to become the world’s most important Bitcoin bank

The disclosure got here as a part of Tesla’s first-quarter earnings report Monday afternoon, wherein the corporate revealed $10.39 billion in income and made $438 million of revenue for the three-month interval ending March 31.

Tesla turned a revenue because of $518 million it earned promoting regulatory credit to different automakers, and the $101 million it introduced in from promoting bitcoin padded its backside line as nicely. Bitcoin has surged about 60% since Tesla’s February disclosure however is down barely from an all-time excessive of greater than $63,000 in April.

Musk has been identified to hype up cryptocurrencies on social media and has contributed to bitcoin’s huge rally by firing off tweets about it to his greater than 50 million followers. His previous tweets have additionally despatched bitcoin’s meme cousin, Dogecoin, hovering to unprecedented highs.

In March, Tesla started accepting bitcoin as a form of payment for its autos.


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