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Elon Musk’s Tesla is already $1 billion in profit from holding Bitcoin
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Tesla’s bold foray into the Bitcoin (BTC) market has been paying off in 2021 as BTC’s price has been rallying in October to hit over $58,000 on Oct. 14.
Tesla currently holds roughly 43,200 BTC, worth roughly $2.5 billion at today’s prices, according to online monitoring resource Bitcoin Treasuries. This is approximately 65% or $1 billion more than what the carmaker paid in February when Elon Musk’s company revealed that it had added $1.5 billion in BTC to its balance sheet.
In Q2, Tesla sold 10% of its Bitcoin holdings — about 46,000 BTC — at a reported average price of around $50,000 per token. In its Q2 earnings report, the company notified that it had booked gains worth $128 million from its Bitcoin sale.
Following the latest Bitcoin
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