Tesla says bitcoin investment worth $2.48 billion

(Reuters) -Tesla Inc said on Wednesday that the fair market value of bitcoin the electric carmaker held as of March 31 was $2.48 billion, suggesting it could stand to make around $1 billion dollars out of the investment were it to cash in the digital currency.

The world's most valuable automaker, which said it had bought or received $1.5 billion in bitcoin by the end of the first quarter, reiterated in its regular report it had trimmed its position by 10% during the quarter.

Tesla said proceeds from sales of digital assets amounted to $272 million with a $101 million "positive impact".

The company added that it recorded $27 million of impairment losses on its bitcoin investment in the three months ended March.(https://bit.ly/2PtMZ5A)

(Reporting by Subrat Patnaik in Bengaluru; Editing by Anil D'Silva)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Tesla needs Robotaxi flywheel proof to boost investor conviction: Morgan Stanley
• Exclusive: Wealthfront takes mortgage push into California, its largest market
• Nvidia introduces 800 VDC power system for AI data centers