Earlier in the year, Tesla invested in Bitcoin, a move that attracted both criticism and praise in equal measure. That decision seems to have paid off, though. In its financial disclosures for the quarter of 2021, the company stated that it had sold part of its Bitcoin and made a net profit of $272 million. The company noted that the sale gave it a net positive impact of $101 million.
This is a big deal given that it was one of the pioneer moves by a company to add Bitcoin to its asset holdings. At the time, Tesla invested 7.7% of its cash holdings in Bitcoin by buying about $1.5 billion worth of it.
Besides the profits from Bitcoin, Tesla also reported that its net income in Q1 stood at $438 million, a new high for the company. The Elon Musk led company also announced that it expected vehicle deliveries to grow by over 50% this year. This means that the company could deliver about 750k vehicles this year.
For crypto investors, the move by the leading electric car maker points to good tidings for the market. That’s because other corporates could also start taking positions in BTC in hopes of replicating the profits that Tesla has generated from the crypto market.