Tesla’s bitcoin speculation helped boost profits by more than $100 million in Q1

Tesla reported first-quarter results on Monday, including a record quarterly net profit of $438 million on a GAAP basis.As usual, those profits were buoyed by sales of environmental regulatory credits. But in a new wrinkle this quarter, the company's sales of bitcoin during the quarter also contributed $101 million toward the bottom line.In February, Tesla made waves when it announced a $1.5 billion purchase of bitcoin and said it may continue investing in cryptocurrency more broadly.On Monday, Tesla's shareholder update revealed that sales of bitcoin made a $101 million "positive impact" to the company's profitability during the period ending March 31, 2021.On the company's cash flows statement for Q1 (page 26), it recorded $1.5 billion in purchases of "digital assets," as well as $272 million in proceeds from sales of digital assets during the quarter.Elsewhere (page 5), the company says its profitability was helped from a sale of bitcoin which…

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