Tesla‘s Massive BTC Holdings Have Reportedly Turned into $1B in Profit Already

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Elon Musk’s Tesla’s $1.5 billion investment on Bitcoin (BTC) has turned in over $1 billion in profit.

Notably, Tesla purchased its BTC holdings back in January at an average price lower than $30,000. Now, BTC is at the run of its life, surging to over $65,000 yesterday before dropping a tad below $63,000 as of press time – signifying an 86% increase from when the firm initially purchased the crypto batch.

According to BitcoinTreasuries, Elon Musk’s prominent automotive manufacturer company sold about 10% of its entire BTC stash back in Q2 of this year in the hopes of boosting its quarterly earnings results to $272 million. In estimation, Tesla still holds about 43,200 BTC, worth over $2.8 billion, thus, giving the company a potential profit of about $1.3 billion.

As profitable as its previous crypto purchase is, Tesla did not commit any more money on BTC this Q3, citing that it took a $51 million impairment charge to account for its present BTC holdings. Q3 would have been an excellent period to invest in more BTC since its price plunged to as low as $30,000 before springing up to more than $60,000, as previously mentioned above.

Say that Tesla did invest further in BTC back in July. Its BTC purchase would have earned them 116% of what they initially bought it for.

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