Tesla has cashed out some of its.
In an investor call today, the electric carmaker reported its Q1 2021 earnings and revealed it had netted a “$101M positive impact” a net cash outflow of $1.2 billion in crypto.
In January, Tesla reported in SEC filings that it had purchased Bitcoin that was then worth $1.5 billion. It also shared its plans to not only accept Bitcoin as payment—which it has since begun doing—but also keep any BTC it earned from sales.
The price of Bitcoin rose throughout the first quarter, buoyed by Tesla’s purchase as well as bullish buys from cloud software company MicroStrategy and Jack Dorsey-led payments platform Square. At the start of the year, Bitcoin was priced around $32,000; it’s now worth more than $53,000, according to data from Nomics.
The sale contributed to a record quarterly net income for Elon Musk’s company of $438 million.