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Tesla Sold Bitcoin for Millions, Earnings Report for Q1 2021 Revealed

Electric vehicle and clean energy company Tesla Inc has recently disclosed its earnings in a Q1 2021 update report. According to the report, the company sold a part of its Bitcoin holdings for $272 million in proceeds.

The holdings sold were from the same batch of tokens purchased for $1.5 billion back in February, which means that there are currently over $1.3 billion worth of Bitcoin left in the company’s possession after the sale.

The report listed “Proceeds from sale of digital assets” with $272 million in proceeds for the sale of Bitcoin in the “Statement on Cash Flows” section.

The report also stated that cash has gone down to $17.1 billion in Q1, due to a part of $1.2 billion worth of expenditure being used to buy Bitcoin.

In February, the price of Bitcoin shot up to $43,730 — a record-breaking high at the time — as soon as Tesla founder Elon Musk revealed that the company has acquired $1.5 billion worth of Bitcoin.

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SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

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