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Tesla Inc said on Wednesday that the fair market value of cryptocurrency bitcoin the electric automaker held as of March 31 was $2.48 billion, saying it could stand to make around $1 billion dollars out of the investment were it to cash in the digital currency.
The automaker, which said it had bought or received $1.5 billion in bitcoin by the end of the first quarter, repeated its stance in its regular report had it had trimmed its position by 10% during the quarter.
The automaker said proceeds from sales of digital assets amounted to $272 million with a $101 million “positive impact”.
The automaker added that it recorded $27 million of impairment losses on its investment of bitcoin in the three months ended March.
