In the publication of Its quarterly financial results, Tesla said it sold part of its Bitcoin BTC holdings for $ 272 million, making a profit of $ 101 million.
The electric car seller made headlines when he said he bought Bitcoin for $ 1.5 billion.
In the document Q1 2021 published by Tesla, we can read in particular:
“Year over year, the positive effects of volume growth, regulatory credit revenue growth, improved gross margin through further product cost reductions and the sale of Bitcoin (positive impact of $ 101M, net of related impairments, in the Restructuring and other line), were mainly offset by lower ASP, higher SBC, additional supply chain costs, R&D investments and other items. The costs of switching between the S and X models had a negative impact on both gross margin and R&D expenses. ”
This news spread quickly on social media, with many initially believing that the company had sold a significant portion of its BTC.
Tesla CEO Elon Musk came out on Twitter in order to respond to some people accusing him of getting rid of his Bitcoin tokens, he indicates that he has not sold his personal Bitcoin BTC holdings.
“I haven’t sold any of my Bitcoin.
Tesla sold 10% of its holdings primarily to prove Bitcoin’s liquidity as an alternative to holding cash on the balance sheet. ”
No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.
– Elon Musk (@elonmusk) April 26, 2021
While Elon Musk indicates that he has not sold any of his Bitcoin tokens, no one knows how many he actually owns, he has in the past stated that he owns virtually no BTC.
Tesla therefore only sold a very small part of its Bitcoin holdings. which were $ 1.5 billion at the time of its initial investment.
A Bitcoin price that has since risen sharply, Tesla reportedly bought its BTC for a price around $ 30,000, this one rose to over $ 60,000 in April.
An investment which could therefore prove to be even more profitable if the BTC price continues its course in the months to come.
In addition, Tesla now accepts payment in Bitcoin BTC to buy an electric car, so it can accumulate even more BTC in this way.