NEWS

Elon Musk’s Tesla is already $1 billion in profit from holding Bitcoin

Tesla’s (TSLA) bold foray into the Bitcoin (BTC) market has been paying off in 2021 as BTC price rallies 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 Bitcointreasuries.net. This is approximately 65% or $1 billion more than what the carmaker paid in February when Elon Musk’s company revealed that it added $1.5 billion in BTC to its balance sheet.

BTC/USD daily price chart. Source: TradingView.com

In Q2, Tesla’s 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 had notified that it booked gains worth $128 million from its Bitcoin sale.

Tesla made first billion in profit in Q2 from selling cars 

Following the latest Bitcoin price rebound, Tesla’s net profits from its crypto holdings came out to be as much as its income from Q2.

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In detail, Tesla had reported $1.14 billion in net

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