Electric vehicle leader Tesla Inc (NASDAQ: TSLA) was the talk of the town when it announced a $1.5 billion purchase of leading cryptocurrency Bitcoin (CRYPTO: BTC) in February 2021. The purchase rose in value over the following year but has now fallen with the crypto winter.
With two sales of Bitcoin and the remaining balance, did Tesla make money on its Bitcoin purchase?
What Happened: In February 2021, Tesla disclosed it added $1.5 billion in Bitcoin to its balance sheet with a purchase made in January 2021.
The purchase made Tesla one of the largest companies to put Bitcoin on its balance sheet.
The company later announced it sold $272 million worth of Bitcoin in the first quarter of 2021, which led to some accusing Tesla CEO Elon Musk of a pump and dump of the cryptocurrency.
The sale was said to have a “positive impact” on the company’s profitability with $128 …
Full story available on Benzinga.com