Tesla’s venture into the bitcoin markets earlier this year has paid dividends with unrealized gains topping a billion dollars at current prices.
Elon Musk took a huge gamble when his firm Tesla purchased $1.5 billion worth of bitcoin back in January. At the time of purchase, it was estimated that BTC was trading in the low $30,000 zone.
Tesla sold around 10% of its bitcoin stash in Q2 in a move that boosted that quarter’s earnings by $272 million. The company still holds an estimated 43,200 BTC according to BitcoinTreasuries.
That remaining BTC is now worth an estimated $2.8 billion giving the company an unrealized profit of $1.3 billion. The value of its holdings has increased 86% since that initial purchase.
Tesla is the second-largest corporate holder of bitcoin behind MicroStrategy which holds 114,041 BTC worth an estimated $7.4 billion at current prices.
Source and continuation of news:
https://beincrypto.com/tesla-made-1-3b-on-bitcoin-but-didnt-buy-the-dip-in-q3/