Tesla says bitcoin investment worth $2.48 billion

ABS-CBN News

Posted at Apr 28 2021 07:30 PM

Tesla Inc said on Wednesday that the fair market value of bitcoin the electric carmaker held as of March 31 was $2.48 billion, suggesting it could stand to make around $1 billion dollars out of the investment were it to cash in the digital currency.

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 percent during the quarter.

Tesla said proceeds from sales of digital assets amounted to $272 million with a $101 million "positive impact".

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

(Reporting by Subrat Patnaik in Bengaluru; Editing by Anil D'Silva)

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