KEY POINTS
  • Tesla has made roughly $1 billion in paper profits from its investment into bitcoin, according to Daniel Ives, analyst at Wedbush Securities estimated.
  • The company is "on a trajectory to make more from its Bitcoin investments than profits from selling its EV (electric vehicle) cars in all of 2020," Ives said in a note published Saturday.
  • This month, Tesla disclosed in a Securities and Exchange Commission filing that it had bought $1.5 billion worth of bitcoin.

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Tesla, led by Elon Musk, confirmed that it purchased about $ 1.5 billion in bitcoin in January and expects to start accepting it as a payment in the future.

Tesla has made roughly $1 billion in paper profits from its investment into bitcoin, according to Daniel Ives, analyst at Wedbush Securities.

The company is "on a trajectory to make more from its Bitcoin investments than profits from selling its EV (electric vehicle) cars in all of 2020," Ives estimated in a note published Saturday.

In this article