Elon Musk says Tesla has managed to make $101 million profit from Bitcoin sale and points to the fact that token is a cash alternative.
In early February of this year, Tesla surprised the world by announcing that they invested $1.5 billion in Bitcoin. They also offered the possibility of buying their cars with Bitcoin. But there is more, now the company has announced a profit of over $100 million after selling some of its Bitcoin reserve.
Tesla has sold Bitcoin and made a $101 million profit
The company has announced the financial results of the last quarter in recent hours. In addition to the results in the sale of vehicles or plans in other services and products such as Autopilot, it highlights what it has done with its $1.5 billion invested in Bitcoin.
According to the company, they have sold part of the Bitcoin for a value of $272 million during the last quarter. The company has managed to make a profit of approximately $101 million. The sale took place at the end of March, a month and a half after the purchase.
The company has disclosed that as of today it has a total of $1.331 billion in “digital assets.” They have not specified exactly what they mean by “digital assets”, although it is believed to be essentially Bitcoins. Zack Kirkhorn, Tesla’s CFO, indicated that Bitcoin is a long-term bet for Tesla.
According to the financial results announced by Tesla, in the last quarter, they had revenues of $10.4 billion, with a profit of $438 million. This is the seventh consecutive fiscal quarter that Tesla has posted a profit, though largely not from its own products.
