Elon Musk’s firm, Tesla now owns over $ 2 billion in investment proceeds in Bitcoin (BTC) based on the price of the asset trading at $ 59,328 at the time of this writing.
Today, Bitcoin recorded a positive price movement after it was last seen in early May, driven by speculation of Bitcoin ETF approval by the Securities and Exchange Commission (SEC).
For now, Tesla owns about 43,200 BTC, worth $ 2.56 billion.
In February, the firm recorded $ 1.5 billion worth of Bitcoin purchases before being put on the balance sheet.
Then in the second quarter (Q2), Tesla had sold 10% of its Bitcoin holdings when the unit price traded around at $ 50,000.
Musk explained the decision taken was aimed at proving the liquidity of assets and the ability of Bitcoin as an alternative to cash.
As a result of the sale, Tesla has made a profit of $ 128 million.
With Bitcoin’s investment income record today, making Tesla’s profit as much as 65%, equaling a profit on sales of 201,250 cars in the second quarter.
