Tesla has turned a strong profit on its $1.5bn Bitcoin investment, making $101m as of the end of the first financial quarter in 2021.
According to a company report published on Monday, Tesla’s net proceeds reached $272m in the recorded period.
In detailing the results sector by sector, the electric vehicle manufacturer ascribed $101m as the result of a partial sale of its total Bitcoin stock. Tesla and its chief executive are known for their penchant for disruption.
The car maker has embarked on the ambitious goal of revolutionizing electric vehicles and Musk himself has spoken favorably of cryptocurrencies, notwithstanding his Dogecoin antics which have set the currency on an upward trajectory nevertheless.
Back in February when Tesla bought $1.5bn of Bitcoin, the company invested around 7.7% of its gross cash position, making for a bold move in a fairly untapped market. Musk correctly predicted that the price would soar enough to lead to an even bigger profit.
Since Tesla’s first move into the cryptocurrency space, the company has begun accepting Bitcoin as a viable payment option for its Tesla cars.
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