Tesla Sells Part of its Bitcoins And Makes a $101M Profit
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US electric vehicle manufacturer Tesla has shared its financial results for the first quarter of the year. According to the report, the company has sold part of its Bitcoins for $272 million, giving it a profit of $101 million.

Tesla also made mention of the Bitcoin sale on a separate slide, along with "positive influence" factors in its main areas of activity. Together, these have helped it achieve a new quarterly record net income of $438 million.

Tesla CFO Zach Kirkhorn said the sale accounted for 10% of the company's total investment in BTC. Tesla representatives have noted:

"Bitcoin has proved to be a good decision, a good place to put some of our cash that’s not being used for daily operations… and be able to get some return on that. There are many reasons for optimism. We are very pleased with the liquidity of the Bitcoin market. When we sold at the end of March, we were able to execute the trade quickly. Being able to exit is extremely important. We really believe in the long-term potential of Bitcoin. What we have now, we intend to hold on to for a long time and we will continue to accumulate the Bitcoins we receive from customers as payment for our cars."

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Elon Musk, the company's CEO, has highlighted Tesla has sold part of its Bitcoins to test the liquidity of the market.

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