 |
| Tesla won $ 100 million in Bitcoin |
Tesla announced first-quarter results, including a quarterly profit of $ 438 million. The company's Bitcoin sales in the quarter also contributed $ 101 million to net income.
In February, Tesla expressed its shock when it announced that it would buy Bitcoin for $ 1.5 billion and said it might continue to invest in cryptocurrencies.
In the first three months of 2021, the automaker said, it sold $ 272 million in digital assets and raised $ 101 million in revenue from the deal, accounting for roughly 10% of its holdings at the time.
Tesla added that digital assets were still $ 1.33 billion on the balance sheet and that the bitcoin sale had a positive impact of $ 101 million on the company's profitability, which expired on March 31, 2021.
"During this quarter, we purchased $ 1.5 billion in digital assets and $ 272 million in digital asset revenue," she said in a statement.
The company added that the sale of Bitcoin boosted its profitability, which had a positive impact of $ 101 million, which was reported in the company's operating data as a $ 101 million reduction in usage fees.
This shows that with the bitcoin price rising in the quarter, the company quickly processed some bitcoin purchases and made a profit of $ 101 million.
As the CFO said, we are looking for a place to keep the cash. Cash is not used to provide instant returns and we can get cash quickly.
He added, "Bitcoin turned out to be a good move and a good place to put some unused money into everyday business operations. It gave us some rewards."
After Tesla announced in March that it would accept cryptocurrencies as a payment method for its vehicles, it is now accepting Bitcoin payments from customers.
The company plans to continue adding Bitcoin to its balance sheet through auto sales, and to continue accumulating Bitcoin through customer transactions, and to run ads related to cryptocurrencies in the future.
So am I understanding this correctly? @elonmusk buys #bitcoin. Then he pumps it. It goes up. Then he dumps it and make a fortune. Listen I own 1 #Bitcoin but #bitcoin is exactly who we thought it was. Just don’t be last 1 #HODLing the bag.
— Dave Portnoy (@stoolpresidente) April 26, 2021