Tesla reveal holding profits in Q3 report

Team Luno
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  • Tesla’s latest earnings report has revealed Elon Musk’s clean energy company has profited $1 billion from holding bitcoin.
  • According to a Q1 filing with the SEC, Tesla declared the value of its Bitcoin amounted to $2.48 billion, and its carrying value—the original price it paid for its bitcoin—was $1.33 billion by the end of Q1. Tesla then sold off roughly 10% of its holdings “to prove the liquidity of Bitcoin as an alternative to holding cash on a balance sheet.”
  • This sale saw Tesla profit by $101 million, meaning the monetary value of the bitcoin it sold was over $270 million. After this exercise, Tesla had around 42,000 bitcoin remaining, which was bought when the price of one BTC was $31,620.
  • Amid last week’s highs, one Bitcoin was worth in excess of $66,000, meaning that Tesla holdings were worth roughly $2.67 billion, and have gained more than a billion dollars in value since Q1.
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Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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