Post
Topic
Board Bitcoin Discussion
Merits 7 from 4 users
Re: Tesla make 1 billion profits from it Bitcoin holding
by
Lucius
on 14/10/2021, 13:59:48 UTC
⭐ Merited by DdmrDdmr (4) ,mk4 (1) ,Imran232 (1) ,vapourminer (1)
If Tesla (EM) did not sell all that BTC, then it would be more accurate to say that it is an unrealized profit - and EM has stated that it has no intention of selling that BTC, although this may change at any time. In addition, Tesla appears to have bought a total of 46 000 BTC at an average price of $32 610, but sold 10%, so the total amount of BTC is now 41 400  currently worth 2.375 billion.

In Q4 of last year, Musk purchased $1.5 billion in Bitcoin in one of the most adventurous moves ever undertaken by a corporate treasury. CFO Zach Kirkhorn praised the gambit as "a good place to place some of our cash that's not being used, and get a good return on that." By my math, Tesla bought 46,000 coins at an average price of $32,610. In mid-March, it sold 10% of its holdings, around 4,100 coins, at an average price of almost $60,000, booking a profit of $128 million (reduced to $101 million by an "impairment" charge).