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Tesla says bitcoin investment worth $2.48 billion

2021-04-29
IMG

On Wednesday, Tesla Inc stated that the market value of its bitcoin as on March 31 was $2.48 billion, and if it were to cash the investment in the digital currency, then it could make around $1 billion.

The world's most valuable automaker, which said it had bought or received $1.5 billion in bitcoin by the end of the first quarter, reiterated in its regular report it had trimmed its position by 10% during the quarter.

It had said that there was a positive impact of $101 million from the sale proceeds of around $272 million.

The company added that it recorded $27 million of impairment losses on its bitcoin investment in the three months ended March.

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