Elon Musk’s electric car giant Tesla added the equivalent of $1 billion in Bitcoin (BTC) as the price of the popular cryptocurrency approaches $58,000 for the first time since May.
Tesla bought about $1.5 billion worth of Bitcoin in February, when it added the cryptocurrency to its balance sheet for the first time and incentivized its use for the purchase of its electric cars.
Although Tesla sold 10% of its Bitcoin holdings in the second quarter of 2021 at an average price of about $50,000 per token, the company today has 43,200 BTC to its credit, which translates to more than $2.5 billion.
Proving a pointt
Elon Musk said on Twitter that he had sold 10% of Tesla’s BTC holdings to demonstrate the asset’s liquidity and viability as an alternative to cash.
“Tesla only sold 10% of holdings to confirm that BTC could be easily liquidated without moving the market,” Musk said in his tweet.
In its second-quarter earnings report, Tesla announced that it recorded $128 million in profits as a result of its sale of the cryptocurrency.
In short, the company earned approximately 65% on its investment in Bitcoin in the second quarter of 2021, which would be equivalent to the sale of 200,000 automated vehicles.