Tesla is now sitting on $2.5 billion of bitcoin

Tesla is sitting on roughly $2.5 billion worth of bitcoin, according to a securities filing, giving the automaker a significant gain on paper just a few months after investing. The automaker said its investment in the volatile cryptocurrency was worth $2.48 billion at the end of March. The company announced earlier this year that it had purchased $1.5 billion worth of bitcoin and planned to accept it as payment for vehicles. Tesla said on Monday that it registered a net gain of $101 million from sales of bitcoin during the quarter, helping to boost its net profits to a record high in the first quarter. Tesla does not account for bitcoin as a mark-to-market asset, meaning it only recognizes an earnings benefit if it sells to lock in the gains. Bitcoin was trading near $59,000 on the final day of March, slightly above where it was trading on Wednesday morning.…

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