Q1 earnings show Tesla sold off $272 million of its BTC purchase
After putting bitcoin on its balance sheet earlier this year, electric vehicle maker Tesla sold off $272 million of its holdings. Its Q1 2021 earnings report shows the sum under “proceeds from sales of digital assets.”
Tesla first bought $1.5 billion in BTC in February of this year, according to a disclosure filing with the Securities and Exchange Commission. Crypto exchange Coinbase facilitated the purchase. After the $272 million sale, the earnings report confirms it still holds about $1.33 billion in BTC.
Last month, the firm also announced it would accept payment in bitcoin. Musk said Tesla would retain those payments in their digital asset form, and forego converting them to fiat.
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Author: Aislinn Keely
