September 21, 2023

Tesla made a profit of $ 101 million from the sale of bitcoins

The company said in its financial statements that it sold its first cryptocurrency, worth $ 272 million. The CFO noted that the sale accounted for 10% of the automaker's total Bitcoin position.

Elon Musk's company Tesla announced that at the endMarch sold bitcoins for $ 272 million, profit was $ 101 million, according to the financial results of the automaker for the first quarter. The company cited the sale of cryptocurrency as a positive influencer in its core business. This contributed to Tesla's record one-quarter revenue of $ 438 million.The previous record was set in the third quarter of 2020 at $ 331 million.

After the publication of the reports, the founder of BarstoolSports and trader Dave Portnoy tweeted that Musk deliberately inflated the value of bitcoin and then sold it at its peak. The billionaire responded that he did not sell his cryptocurrency, and Tesla locked down 10% of its BTC to test their liquidity as an alternative to storing funds in fiat currencies.

Tesla CFO Zach Kirkhorn duringconference call confirmed that 10% of Tesla's bitcoins were sold, Investing writes. Kirkhorn stressed that the automaker believes in the value of bitcoin in the long term and intends to preserve its current assets in cryptocurrency, as well as continue to accumulate coins received as payments for cars.

The automaker added the ability to pay for its products in Bitcoin on March 24th. While this method is only available to US customers, it will be introduced in other countries later this year.

About the intention to add a cryptocurrency payment optionTesla reported to the Securities and Exchange Commission (SEC) in early February. The company announced this when it disclosed its $ 1.5 billion investment in bitcoin.At the same time, Musk called the investment in the $ 1.5 billion cryptocurrency recklessness for the company from the S & P500 index and stressed that Tesla's actions did not directly reflect his views.

After the publication of the financial statementscar maker bitcoin has skyrocketed in value. Over the past day, the first cryptocurrency has risen in price by 3%, at 09:50 Moscow time it is trading at $ 54.6 thousand. On the night of April 26, the asset reached a local minimum of $ 46.9 thousand. Since then, its price has risen by 16%.