Apr 28 (Reuters) – Tesla said Wednesday that the electric car maker’s fair market valuation in bitcoins as of March 31 is $ 2.48 billion, suggesting it could be close to earning $ 1 billion if the proportion of the digital currency was converted to cash.
The world’s top-rated automaker, which said it had bought or received $ 1.5 billion in bitcoin in payment by the end of the first quarter, reiterated in its regular report that it had cut its position in crypto by 10% during the quarter.
Tesla Inc said digital asset sales returns reached $ 272 million, with a “positive hit” of $ 101 million.
The company added that it had posted $ 27 million in depreciation losses on its bitcoin investment in the three months ending in March.
(Report by Subrat Patnaik in Bengaluru. Edited in Spanish by Marion Giraldo)