Tesla Sold Bitcoin in Q1 for a Profit of $272M

Last Updated on April 28, 2021 by Jason

Tesla let go of some of its Bitcoin earlier this year for a profit of $272 million. Tesla dropped its Bitcoin hold 10% as a result. Elon Musk allegedly purchased $1.5 billion of Bitcoin through Tesla in February alone.

bitcoin purchase

It is said that Tesla decided to invest in more Bitcoin, so that it could make the most of any excess cash lying around on a low interest rate.

The company is still in the process of getting around issues related to ship port capacity and semiconductor shortages, they still feel optimistic about the future. Tesla will continue to offer Bitcoin as a payment method of its clients.

Elon Musk

CFO Zach Kirkhorn said, “there aren’t that many traditional opportunities to do this, or at least that we found, and in talking to others that we could get good feedback on, particularly with yields being so low and without taking on additional risk or sacrificing liquidity.”

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Jasonhttps://earthweb.com/
Hi! I'm the editor at EarthWeb. I have a deep interest in technology and business. I also enjoy testing products out. Contact me to be featured!

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