Tesla might have already made more than $600 million from its investment in Bitcoin, according to a new report. And it didn’t have to do a thing.
According to an Electrek report, Tesla’s initial Bitcoin investment of $1.5 billion could already be worth almost $2.2 billion thanks to the increase in value since the investment was made last month.
Tesla confirmed its purchase at the time.
“In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity. As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term.“
Tesla’s initial investment is thought to have run at around 43,000 Bitcoins. With the 45% increase in value the cryptocurrency has seen since then it’s thought that Tesla could be $600 million up. Without having to actually do a thing.
Tesla’s purchase of all of those Bitcoins did likely impact the price of them, however. Tesla also announced that it would be allowing customs to use Bitcoins to purchase cars, too.
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