Tesla Made $1 Billion From Its Bitcoin ($BTC) Investment

The electric car maker giant Tesla announced via a filing with the U.S. Securities and Exchange Commission (SEC) that it is up by $1 billion after it invested $1.5 billion in the flagship cryptocurrency bitcoin earlier this year.

Note that Tesla started accepting Bitcoin payments at that time but then stopped shortly after over environmental concerns. Also, its CEO Elon Musk enjoyed tweeting about digital assets and especially the meme-inspired cryptocurrency Dogecoin.

According to reports, Tesla owns around 43,200 BTC worth $2.5 billion at current BTC's current value. This profit from Tesla comes after Bitcoin was trading at $57,400 on CoinMarketCap.

The reports say that Tesla sold 10% of the BTC it first bought at around $50,000 per coin and sold as a way to prove that the crypto was liquid enough for its balance sheet in the second quarter of 2021.

In its Q2 earnings report, Tesla revealed that it had made $128 million selling the BTC. As a result, Tesla’s net profits from its crypto holdings are around its $1.14 billion net earnings. Besides, its revenue was almost $12 billion, with $10.21 billion just from car sales and $354 million from regulatory credits sales.