Tesla books huge profit from Bitcoin sale in Q1
In February, the electric vehicle maker announced it had purchased $1.5 billion worth of Bitcoin. Tesla Motors sold a portion of its Bitcoin (BTC) holdings in the first quarter of 2021, generating net proceeds of $272 million, the electric vehicle maker reported Monday.In a 30-page slide deck accompanying its quarterly financial results, Tesla noted a $101 million "positive impact" as a result of its Bitcoin sale:"Year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement driven by further product cost reductions and sale of Bitcoin....
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Tesla's foray into Bitcoin may have been one big distraction for the electric vehicle maker, which reported mixed financial results earlier this month. Elon Musk’s Tesla proved to be the ultimate paper hands after the electric vehicle maker sold 75% of its Bitcoin (BTC) holdings in the second quarter. I say, good riddance. The cult of personality isn’t good for Bitcoin, and neither is a technologist who treats the asset as his plaything. As far as we are aware, Musk hasn’t sold any of his personal Bitcoin stash and Tesla still has an estimated 10,800 BTC on its books. Still, the less we....
The vehicle manufacturer's latest earnings report for the third quarter shows it's made no changes to its Bitcoin holdings since its huge sell-off in the second quarter. Electric vehicle manufacturer Tesla has made no further changes to its remaining stash of Bitcoin (BTC) in the third quarter of 2022, despite nearly a $1 billion sell-off in the previous quarter. The company’s Q3 report released Oct. 19 shows $218 million worth of “digital assets” remains on its balance sheet, with no reported losses in the value of its holdings. Based on current prices, it’s estimated that Tesla still....
Tesla's Bitcoin stash is now worth $1 billion more than when Elon Musk approved the purchase in February. Tesla's (TSLA) bold foray into the Bitcoin (BTC) market has been paying off in 2021 as BTC price rallies in October to hit over $58,000 on Oct.14.Tesla currently holds roughly 43,200 BTC, worth roughly $2.5 billion at today's prices, according to online monitoring resource Bitcointreasuries.net. This is approximately 65% or $1 billion more than what the carmaker paid in February when Elon Musk's company revealed that it added $1.5 billion in BTC to its balance sheet.BTC/USD daily price....
Elon Musk's electric vehicle maker has offloaded most of its BTC reserves, according to financial statements released on Wednesday. Electric vehicle maker Tesla sold most of its Bitcoin (BTC) holdings in the second quarter, according to new financial disclosures released on Wednesday."As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency," Tesla said in its quarterly report. "Conversions in Q2 added $936M of cash to our balance sheet."According to the financial statements, Tesla's net Bitcoin holdings were relatively stable for three....
Despite taking a reported $272 million in profit, Tesla still seemingly retains a majority of its original bitcoin stack.