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Tesla Sold Bitcoin in Q1 for Proceeds of $272M
Nate DiCamillo - CoinDesk
2021-04-26 20:23
Tesla sold some of its bitcoin stash in Q1 for $272 million in proceeds.
In the slide show accompanying the results, the company talks about the sale of some bitcoin:
"Year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement driven by further product cost reductions and sale of Bitcoin ($101M 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 as well as R&D expenses.
"Year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement driven by further product cost reductions and sale of Bitcoin ($101M 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 as well as R&D expenses.
This is a developing story and will be updated
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