Tesla Earns US$272 Million by Liquidating 10% of its Total Bitcoin (BTC) Holdings in Q1 2021

Tesla has earned US$272 million in the first quarter of 2021 by liquidating 10% of its total holdings in Bitcoin. This helped the company to earn a net positive income of US$101 million. In the company’s Q1 2021 results, Tesla also revealed that it has addressed the issues with semiconductor and hardware supplies, revealing good delivery numbers.

Tesla Made $101 Million From Bitcoin Sale, Quarterly Earnings Show -  TheStreet

The automobile giant Tesla Inc, during its Q1 result announcement on April 26, 2021, said that they have earned a record net income of US$438 million. In fact, the company made a revenue earning of US$10.39 billion at earnings of 93 cents per share. Tesla also said in its Q1 report that liquidation of 10% of the BTC holding had a “positive impact” with a net profit of around US$101 million.

The company’s CFO, Zach Kirkhorn, said on Monday that the sale of Bitcoin in Q1 trimmed the company’s Bitcoin holdings by 10%. However, Zach asserted that despite the recent drop in BTC prices from US$65,000 to below US$50,000, Tesla continues believing in the long-term value of Bitcoin.

He said:

“We do believe long term in the value of bitcoin...It is our intent to hold what we have long term and continue to accumulate bitcoin from transactions from our customers as they purchase vehicles.”

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