Tesla Announces Major Bitcoin Profit



Tesla has sold portions of the bitcoin it held on its balance sheet, according to its latest quarterly earnings report. The auto-tech giant reportedly took in profits of $272 million from the sale of its digital assets, accounting for just a small percentage of its total BTC holdings, given its initial purchase of $1.5 billion.

While the move to sell its bitcoin at a profit is assuredly what many mainstream investors have been expecting, the small portion that was sold suggests that the company believes retaining most of its bitcoin will be beneficial in the future. CEO Elon Musk took to Twitter to clarify that Tesla sold 10% of its BTC holdings to prove the asset’s liquidity and viability as an alternative to cash on its balance sheet.



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