Tesla, the world’s largest automaker by market value made the risky move by investing into the Bitcoin (BTC) market has paid off in 2021, with the price of the Bitcoin soaring to over $58,000 on October 14.
According to Bitcoin Treasuries, Tesla presently has over 43,200 BTC, which is worth almost $2.5 billion at today’s values.
This is about a billion dollar more than the company invested in February, When Tesla announced that it had invested $1.5 billion in Bitcoin.
According to the reports, the company sold around 10% of its Bitcoin holdings (46,000 BTC) in the second quarter at an average rate of $50,000. The corporation announced in its Q2 results report that it had made $128 million in profit from its Bitcoin sale.
Tesla generated its first billion dollar in profit from car sales in the second quarter
Tesla’s net earnings from its cryptocurrency holdings were equal to its income in the second quarter, following the recent Bitcoin price bounce.
Tesla’s net profit for the second quarter was $1.14 billion, the first time it had ever surpassed the $1-billion barrier. The profit was part of a total revenue of $11.96 billion, with around $10.21 billion coming from car sales. The remaining $354 million was raised through regulatory credit sales.
Tesla announced on Oct. 1 that it delivered 241,300 electric vehicles in the third quarter, up from 201,250 in the previous quarter. There is a huge expectation from third quarter of the company, especially with the combined profit from Bitcoin and car sells, which will be revealed after market closes on Oct. 19.
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