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Tesla Bitcoin Holdings Report – Company Sold Some BTC Portion’s In Q1.

Tesla sold some of its Bitcoin [BTC, +2.85%] holdings within the Q1 for $272 Mln in proceeds. The sale trimmed Tesla’s position by 10%, Tesla CFO Zach Kirkhorn outlined on an earnings call earlier on Monday.

In the slide deck accompanying the firm’s primary-quarter earnings results Monday, Tesla mentioned the sale of some bitcoin:

“Year over year, positive impacts from volume growth, regulatory credit revenue growth, the margin of profit improvement driven by further product cost reductions and sale of Bitcoin [$101Mln 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 margin as well as R&D expenses.”

Elon Musk’s electric vehicle company purchased $1.5 b Bln worth of Bitcoin earlier in February.

While the company continues to affect global supply chain crunches like semiconductor shortages or ship port capacity, he revealed that the bitcoin market might be a liquid market with an optimistic future.

“There aren’t many traditional opportunities to try this, or a minimum of that we found … particularly with yields being so low and without taking over additional risk or sacrificing liquidity,” Kirkhorn added, despite bitcoin’s perception as a risk asset among most traditional financial analysts.

Telsa will still accumulate bitcoin via user transactions and can make bitcoin-related announcements within the mere future, Kirkhorn revealed.

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