Tech

Tesla is currently sitting on $ 2.5 billion in Bitcoin

Tesla CEO Elon Musk is standing at the construction site of the Tesla Gigafactory in Grünheide, near Berlin, on September 3, 2020.

Patrick Pururu | Image Alliance | Getty Images

According to securities filing, Tesla holds about $ 2.5 billion worth of Bitcoin, making significant profits for automakers just months after the investment.

Automakers said their investment in volatile cryptocurrencies was worth $ 2.48 billion at the end of March. The company announced earlier this year that it would buy $ 1.5 billion worth of Bitcoin and accept it as a vehicle payment.

Tesla said Monday that it recorded a net profit of $ 101 million from Bitcoin sales during the quarter, helping to boost its first-quarter net profit to a record high. Tesla does not consider Bitcoin as a market value asset. In other words, you only recognize the profit of the profit if you sell it to fix the profit.

Bitcoin was trading near $ 59,000 on the last day of March. This is slightly above the location traded on Wednesday morning. Cryptocurrency assets fluctuated significantly in the meantime, well below $ 50,000 after trading well above $ 60,000.

Tesla shares fell slightly in pre-market trading on Wednesday. The best performing stocks in recent years have fallen by more than 15% in the last three months.

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Tesla is currently sitting on $ 2.5 billion in Bitcoin

Source link Tesla is currently sitting on $ 2.5 billion in Bitcoin

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