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Tesla Sold Bitcoin for $272 M
Tesla made a $272 million profit in the first quarter by selling some of its bitcoin (BTC, +3.58% ) holdings.
On a Monday’s Earning’s Call, Tesla CFO Zach Kirkhorn said that the sale reduced the company’s position by 10%.
In February, Elon Musk’s electric vehicle company bought $1.5 billion worth of bitcoin.
Tesla invested in bitcoin, according to Kirkhorn, to gain a return on its surplus cash in a low-interest-rate setting.
Even though the company is still dealing with global supply chain issues such as semiconductor shortages and ship port availability, he believes the bitcoin market is a liquid market with a bright future.
Despite most conventional financial analysts’ perceptions of bitcoin as a risk asset, Kirkhorn said, “there aren’t many traditional opportunities to do this, or at least that we noticed, especially with yields being so low and without taking on additional risk or losing liquidity.”
According to Kirkhorn, Telsa will continue to collect bitcoin through customer purchases and will make bitcoin-related announcements in the future.
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