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Tesla Makes $101 Million In Profit From Bitcoin Sale

After the US automobile manufacturer Tesla invested a considerable sum of $1.5 billion in Bitcoin on February 8, the company was able to cash out $272 million in bitcoin in the first quarter of the fiscal year 2021.

Elon Musk revealed Tesla had sold 10 percent of its Bitcoin holdings to demonstrate the cryptocurrency’s liquidity on the balance sheet.

As the official quarterly report for Q1/2021 shows, Tesla was able to generate a profit of around $101 million from the sale of around 10 percent of its BTC credit. Tesla benefited from a previously unprecedented “rally” of the digital reserve currency, which rose in value by more than 530 percent over the past 12 months.

Tesla’s core business was also profitable again in the past quarter, but fell short of expectations. In the same quarter last year, Tesla reported earnings of $0.23 per share and made sales of around $ 6 billion.

Thanks to around 185,000 vehicles delivered, adjusted earnings rose by 94 percent to $1.84 billion and sales by 74 percent to just under $10.4 billion, as the US group announced. 

Avinash A
Avinash A
Meet Avinash, a tech editor with a Master's in Computer Science and a passion for futuristic tech, AI, and Machine Learning. Known for making complex tech easy to understand, he's a respected voice in leading tech publications and podcasts. When he's not deciphering the latest AI trends, Avinash indulges in building robots and dreaming up the next big tech breakthrough.

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