Tesla Sells $272M Worth of Its BTC to Prove Bitcoin Liquidity
CoinEdition
Published Apr 27, 2021 05:17AM ET
Updated Apr 27, 2021 05:30AM ET
Tesla Sells $272M Worth of Its BTC to Prove Bitcoin Liquidity
- Tesla (NASDAQ:TSLA) has sold $272 million worth of its Bitcoin holdings.
- The company sold BTC to test the liquidity of Bitcoin on its balance sheet.
Electric car company Tesla has sold about $272 million worth of its Bitcoin holdings. The company sold the said amount of BTC to prove the liquidity of Bitcoin on its balance sheet.
According to a report, the traded $272 million worth of BTC amounts to about 10% of the existing $1.5 billion bitcoins of Tesla. As per the firm’s Q1 shareholder update, after selling the $272 million worth of its BTC, the company’s total amount of Bitcoin left on its balance sheet is $1.331 billion.
Furthermore, the Bitcoin sale has eventually pushed over $101 million “positive impact” on Tesla’s first-quarter profit. Meanwhile, Tesla’...
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