On Wednesday, Tesla officially released its 10Q, a comprehensive report of its performance which is to be submitted quarterly to the U.S. Securities and Exchange Commission (SEC).
According to the filing (via Fortune), the company’s Bitcoin investment actually turned out to be much greater than the company’s auto or green energy businesses.
Man Loses $500,000 in Fake Elon Musk Bitcoin Scam https://t.co/YrkKWh8ugz
— TeslaNorth.com (@RealTeslaNorth) March 17, 2021
Tesla’s full market value of its current holdings, as disclosed in the report, is $2.48 billion (USD) as of March 31, a day on which Bitcoin closed at $59,918. During this time, Tesla owned roughly 41,390 Bitcoins.
In the report, Tesla said it had sold 10% of the company’s Bitcoin during Q1 for a grand total profit of $272 million in proceeds. The company’s sale seems to have taken place amidst a major Bitcoin run, with the price of the cryptocurrency jumping about $17,000 between the beginning of the year and February 8.
Alongside the $272 million from selling 10% of its Bitcoin in Q1, Tesla purchased a $144 million tranche, effectively booking a difference of $128 million in pre-tax profit margins – bringing Tesla’s overall gains on Bitcoin up to over $1 billion at today’s prices.
All this to say that despite the inherent risks involved in trading cryptocurrency – no less in the scale of the millions – Elon Musk was right when he said the “Bitcoin is almost as B.S. as Fiat money.”
