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•Proceeds from sales of cryptocurrencies$272 million.
•Tesla bought bitcoin to earn yield in a low rate interest environment.
•Tesla bought bitcoin worth $15 million in February.
Tesla sold some of its bitcoin holdings in the first quarter of 2021. Tesla’s CFO Zach Kirkhorn informed that this lessened the company’s position in the market by 10%.
Back in February, Elon Musk’s Tesla purchased bitcoin worth $1.5 million. Tesla’s Q1 earnings confirmed that the proceeds from the sales of digital assets amounted to $272 million. The CFO of Tesla said that the company invested in cryptocurrencies to gain profit on its excess cash in a low-interest-rate environment.
Tesla Reveals its First Quarter Earning Results
A recent slide deck released by Tesla revealed the company’s first-quarter earnings results. Tesla said that year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement that was driven by further product cost reductions and sale of Bitcoin ($101M positive impact, net of related impairments, in ‘Restructuring & Other’ line) were mainly offset by a lower ASP, increased SBC, additional supply chain costs, R&D investments, and other items. Model S and Model X changeover costs negatively impacted both gross profit as well as R&D expenses.
Bitcoin is a Liquid and Optimistic Market
Tesla thinks of cryptocurrency as an optimistic and highly liquid market. For a company that is often prone to supply chain crunches bitcoin market often helps a lot. Hence, Tesla will continue to collect bitcoin through customer transactions and will make announcements related to investments in digital currencies, announced Kirkhorn.
•Proceeds from sales of cryptocurrencies$272 million.
•Tesla bought bitcoin to earn yield in a low rate interest environment.
•Tesla bought bitcoin worth $15 million in February.
Tesla sold some of its bitcoin holdings in the first quarter of 2021. Tesla’s CFO Zach Kirkhorn informed that this lessened the company’s position in the market by 10%.
Back in February, Elon Musk’s Tesla purchased bitcoin worth $1.5 million. Tesla’s Q1 earnings confirmed that the proceeds from the sales of digital assets amounted to $272 million. The CFO of Tesla said that the company invested in cryptocurrencies to gain profit on its excess cash in a low-interest-rate environment.
Tesla Reveals its First Quarter Earning Results
A recent slide deck released by Tesla revealed the company’s first-quarter earnings results. Tesla said that year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement that was driven by further product cost reductions and sale of Bitcoin ($101M positive impact, net of related impairments, in ‘Restructuring & Other’ line) were mainly offset by a lower ASP, increased SBC, additional supply chain costs, R&D investments, and other items. Model S and Model X changeover costs negatively impacted both gross profit as well as R&D expenses.
Bitcoin is a Liquid and Optimistic Market
Tesla thinks of cryptocurrency as an optimistic and highly liquid market. For a company that is often prone to supply chain crunches bitcoin market often helps a lot. Hence, Tesla will continue to collect bitcoin through customer transactions and will make announcements related to investments in digital currencies, announced Kirkhorn.
•Proceeds from sales of cryptocurrencies$272 million.
•Tesla bought bitcoin to earn yield in a low rate interest environment.
•Tesla bought bitcoin worth $15 million in February.
Tesla sold some of its bitcoin holdings in the first quarter of 2021. Tesla’s CFO Zach Kirkhorn informed that this lessened the company’s position in the market by 10%.
Back in February, Elon Musk’s Tesla purchased bitcoin worth $1.5 million. Tesla’s Q1 earnings confirmed that the proceeds from the sales of digital assets amounted to $272 million. The CFO of Tesla said that the company invested in cryptocurrencies to gain profit on its excess cash in a low-interest-rate environment.
Tesla Reveals its First Quarter Earning Results
A recent slide deck released by Tesla revealed the company’s first-quarter earnings results. Tesla said that year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement that was driven by further product cost reductions and sale of Bitcoin ($101M positive impact, net of related impairments, in ‘Restructuring & Other’ line) were mainly offset by a lower ASP, increased SBC, additional supply chain costs, R&D investments, and other items. Model S and Model X changeover costs negatively impacted both gross profit as well as R&D expenses.
Bitcoin is a Liquid and Optimistic Market
Tesla thinks of cryptocurrency as an optimistic and highly liquid market. For a company that is often prone to supply chain crunches bitcoin market often helps a lot. Hence, Tesla will continue to collect bitcoin through customer transactions and will make announcements related to investments in digital currencies, announced Kirkhorn.
•Proceeds from sales of cryptocurrencies$272 million.
•Tesla bought bitcoin to earn yield in a low rate interest environment.
•Tesla bought bitcoin worth $15 million in February.
Tesla sold some of its bitcoin holdings in the first quarter of 2021. Tesla’s CFO Zach Kirkhorn informed that this lessened the company’s position in the market by 10%.
Back in February, Elon Musk’s Tesla purchased bitcoin worth $1.5 million. Tesla’s Q1 earnings confirmed that the proceeds from the sales of digital assets amounted to $272 million. The CFO of Tesla said that the company invested in cryptocurrencies to gain profit on its excess cash in a low-interest-rate environment.
Tesla Reveals its First Quarter Earning Results
A recent slide deck released by Tesla revealed the company’s first-quarter earnings results. Tesla said that year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement that was driven by further product cost reductions and sale of Bitcoin ($101M positive impact, net of related impairments, in ‘Restructuring & Other’ line) were mainly offset by a lower ASP, increased SBC, additional supply chain costs, R&D investments, and other items. Model S and Model X changeover costs negatively impacted both gross profit as well as R&D expenses.
Bitcoin is a Liquid and Optimistic Market
Tesla thinks of cryptocurrency as an optimistic and highly liquid market. For a company that is often prone to supply chain crunches bitcoin market often helps a lot. Hence, Tesla will continue to collect bitcoin through customer transactions and will make announcements related to investments in digital currencies, announced Kirkhorn.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
