Express

Tesla Sold $272M Bitcoin In The First Quarter And Saw A "$101M Positive Impact"

Mary Liu

Summary: Tesla's earnings report for Q1 2021 showed that the company sold $272 million in Bitcoin in the first quarter, still holding about $1.33 billion of BTC in its balance sheet. Tesla mentioned a $101 million "positive impact" as a result of its Bitcoin sale, said: "Year over year, positive impacts from volume growth, regulatory credit revenue ...

Tesla's earnings report for Q1 2021 showed that the company sold $272 million in Bitcoin in the first quarter, still holding about $1.33 billion of BTC in its balance sheet.

Tesla mentioned a $101 million "positive impact" as a result of its Bitcoin sale, said: "Year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement driven by further product cost reductions and sale of Bitcoin ($101M positive impact, net of related impairments, in Restructuring & Other line), were mainly offset by a lower ASP, increased SBC, additional supply chain costs, R&D investments and other items. Model S and Model X changeover costs negatively impacted both gross profit as well as R&D expenses."

Bitpush previously reported that Tesla purchased $1.5 billion in Bitcoin in February 2021.

By Mary Liu

Last Update:

Tags: ,
Link: Tesla Sold $272M Bitcoin In The First Quarter And Saw A "$101M Positive Impact"   [Copy]
  • Trump Adviser's "Whale Debut" with $680M Bitcoin Bet Faces Early Losses 2 hours ago
  • S&P 500 Enters Key Turning Point Window; A Cautious "Wait-and-See" Approach is Adv... 2 days ago
  • Why a "One-Size-Fits-All" Approach to Stablecoin Issuance Fails Given Diverse Fiat Curr... 3 days ago
  • BitFuFu’s VP on Mining Leadership, Corporate Crypto Treasuries, the Stablecoin Act, and... 8 days ago
  • BTC Weekly Outlook: A Bullish Week, but Signs Point to a Shift to Defensive Play 9 days ago
  • You need to login to comment.