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Tesla Sells 10% of its Bitcoin Holdings

Tesla Sells 10% of its Bitcoin Holdings
Bitcoin-Tesla (Courtesy: The Daily Hodl)

According to the reports, Electric Vehicle Manufacturer Tesla Motors sold a portion of its Bitcoin holdings in Q1 of 2021, generating net proceeds of $272 million. In a 30-page slide deck following its quarterly financial results, Tesla noted a $101 million “positive impact” due to its Bitcoin sale. Tesla sold its holdings to check the liquidity of the world’s most significant crypto.  

Tesla earned $101 million in profit from its Bitcoin holdings in the Q1 of 2021. Elon Musk, nevertheless, has not sold his Bitcoin as disclosed in a tweet reply on April 27. Musk himself replied to a tweet from Dave Portnoy, a Barstool Sports founder, who opined that Musk was dumping and pumping. However, the CEO of Tesla made it evident that he had not sold any of his holdings. It’s not clear precisely how many bitcoins Musk possesses. At the time of this publication, Bitcoin has increased 3% over the past 24 hours to trade at $53,600, as per CoinGecko.

Tesla Performing Massively in Stock Market

When it was initially declared in February, Tesla surprised everyone in the financial world that it had acquired $1.5 billion in bitcoin. Bitcoin has since surged massively, partially due to Tesla’s entry. The company elucidates that it made a profit of $101 million from the investment from selling approximately 10% of its holdings. It recently has $1.33 billion in Bitcoin in its account, which is still a plentiful sum. The company received $10.39 billion in revenue and made $438 million of profit in Q1 2021. Its quarterly revenue went up by 74% year-over-year.

Teslas have been performing extensively for a year, and its stock performance has reflected that. Share prices have been touching new highs amid a series of investments from younger investors, several of which take to Musk’s personality. Tesla also receives Bitcoin as a payment for its vehicles, one of the numerous developments that ignited the bull market. The appearance of leading companies such as Tesla has helped add legitimacy to the market, which has, in return, drew retail investors.

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