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Tesla Sells $272M Worth of Its BTC to Prove Bitcoin Liquidity

Published 04/27/2021, 05:17 AM
Updated 04/27/2021, 05:30 AM
Tesla Sells $272M Worth of Its BTC to Prove Bitcoin Liquidity

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’...

This article was first published on coinquora.com

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Latest comments

Could this be the reason for Bitcoin drop, interesting
Nope. Flash crash started from one of the largest mines going off-line and then the bear market came from the proposed US cap gains tax rate.
Not too shabby. It means at time of disposal sale the Tesla Bitcoin treasury stash must have been worth some $2.72b. Quite a decent appreciation from the reported $1.5b just a few weeks back.
10% of 1.5 is not 272m. excellent article
Author was saying they sold $272M of BTC with a $150M cost basis: meaning they sold it at an ~80% profit.
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