Tesla Inc said on Wednesday that the fair market value of bitcoin it owned as of March 31 was $2.48 billion, implying that it could make about $1 billion if it sold the digital currency.
The world’s most successful automaker, which said it had purchased or earned $1.5 billion in bitcoin by the end of the first quarter, said in its quarterly report that it had reduced its holdings by 10%.
Tesla recorded $272 million in proceeds from digital asset sales, with a $101 million “positive effect.”
In the three months ended March, the company recorded $27 million in impairment losses on its bitcoin investment. (bit.ly/2PtMZ5A)