Elon Musk’s Tesla Up Over $1 Billion On Bitcoin Investment

Elon Musk’s Tesla is now over $1 billion in the green on its Bitcoin investment as the price nears $58,000 for the first time since early May.

Currently Tesla holds about 43,200 BTC, worth nearly $2.5 billion at the time of writing. The company bought roughly $1.5 billion worth of Bitcoin back in February when it first added Bitcoin to its balance sheet.

In Q2, Tesla sold 10% of its Bitcoin holdings at an average price of around $50,000 per token. CEO Elon Musk later took to Twitter to clarify that Tesla sold 10% of its BTC holdings to prove the asset’s liquidity and viability as an alternative to cash on its balance sheet.

This story is not been edited by the Supperrb.com Staff and is auto-generated from this syndicated feed

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