8.2 C
New York
Friday, October 22, 2021
HomeTechnologyTesla has already made $ 1 billion in profit from Bitcoin

Tesla has already made $ 1 billion in profit from Bitcoin

Rising Bitcoin rate ensures increasing Tesla profits. (Image: rzoze19 / Shutterstock)
Remember Article

For Tesla, the Bitcoin investment has paid off. Thanks to the positive price development of the past few days, the e-car manufacturer recorded an increase of one billion US dollars.

In February, Tesla had invested $ 1.5 billion in Bitcoin – um To maximize profits from otherwise idle capital, as stated in a notice to the SEC at the time. This plan seems to be working. While Tesla’s first billion-dollar profit in a quarter in the spring was still marred by the lull in the crypto market – Tesla had to write off $ 23 million – the e-car maker can now look forward to a Bitcoin plus of one billion dollars.

Tesla holds Bitcoin worth 2.5 billion

Tesla holds around 42,900 Bitcoin, according to Buy Bitcoin Worldwide. This is currently equivalent to a value of around 2.5 billion dollars. It is unclear whether Tesla will or already have silvered part of its Bitcoin assets. According to CEO Elon Musk, the group last sold a ten percent stake at the end of April, making a profit of $ 272 million. Musk made it clear at the time that it was merely a test of whether Bitcoin was suitable as a cash alternative in the consolidated balance sheet.

By the way, Tesla is not the only company that has invested a lot of money in Bitcoin, as Bitcoinmagazine reports. But there is currently only one company that holds more Bitcoin than Tesla. This is a microstrategy that is said to own around 114,000 Bitcoin. Their value is currently over $ 6.5 billion. The companies that own more than 1,000 Bitcoin include the payment service provider Square and the crypto exchange Coinbase. It can be assumed that further large companies will invest in Bitcoin or other crypto currencies in the future.

Bitcoin and Co. : Tesla moves the crypto market

Tesla’s financial involvement in the Bitcoin segment as well as the announcement that the e-car maker would accept Bitcoin as a means of payment for its electric cars, had their share in the crypto rally in April and May, which pushed the Bitcoin price to its all-time high of over $ 65,000 floated. China’s crackdown, impending regulatory steps in the US and Europe and Tesla’s role backwards in terms of payments with Bitcoin had caused the Bitcoin exchange rate to crash in early summer.

You might also be interested in

Follow World Weekly News on

Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

Leave a Reply

Must Read