Tesla Sees $1 Billion Gain on Its Bitcoin ($BTC) Investment

Electric car maker Tesla reveals sometime earlier this year of $1.5billion BTC investment. Of course, this is through a filing with the U.S. Securities and Exchange Commission (SEC). Despite the short time, The investment is currently up $1 billion.

Then also, Tesla starts accepting Bitcoin payments but drops them immediately after due to environmental concerns. Notwithstanding, Tesla CEO Elon Musk always tweets about cryptocurrencies. More so, continuing showing notable support for the meme cryptocurrency Dogecoin.

Bitcoin investment tracker Bitcoin Treasuries reveals that Tesla currently owns around 43,200 BTC. That of course, is equivalent to $2.5 billion at current prices. This is in calculation as the cryptocurrency is trading around $57,400.

Notably, The company sells 10% of the BTC at around $50,0000 In the second quarter of the year.

Q2 earnings report shows that Tesla has $128 million selling the BTC it has. Subsequently, Tesla’s net profits from its cryptocurrency holdings are about its $1.14 billion net profit. Notably, the revenue then at $12 billion, with $10.21 billion from car sales while $354 million from regulatory credits sales.

Furthermore, Jack Dorsey’s Square, Galaxy Digital, and Hut 8 Mining is following Tesla Path in Investing in The Largest Cryptocurrency. Though Business intelligence firm MicroStrategy already has bitcoin investment since last year.

Generally, MicroStrategy owns 114,041 BTC, which costs around $3.16 billion to acquire. Which of course, it’s now worth $6.57 billion. This means the firm’s already seeing double of its investment.