Tesla Sold Some of Its Bitcoin for $272M in Q1, currently holds $1.3B worth of BTC
Elon Musk’s Tesla Inc. has sold some of the Bitcoin that it purchased earlier
According to the company’s earnings report, $272M worth of Bitcoin was sold by the electric car company
The company bought $1.5 billion worth of Bitcoin in February and it now holds $1.3 billion worth of the coin
Tesla Inc., Elon Musk’s electric car company has sold some of its Bitcoin holdings for a proceed of $272 million.
It will be recalled that $1.5 billion worth of BTC was purchased by the car company in February.
According to the company’s earnings report, it still holds $1.3 worth of the cryptocurrency.
Although $272 million worth of the flagship crypto was sold, the company only made a profit of $101 million after debt settlements and other financial obligations.
The report also showed that the company’s cash stash was reduced by $17.1B in Q1 due to the outflow of $1.2B for crypto purchases.
Read also: Bitcoin Climbs After Fall Below $50,000
Tesla is one of the gaint companies that has warmed up to the acceptance of cryptocurrency this year.
The company also announced the acceptance of Bitcoin as a means of payment for vehicles in America in March.