Tesla sold $272 million in Bitcoin in Q1

Tesla's Chief Financial Officer Zach Kirkhorn said during an earnings call on Monday that the company has sold 10% of its Bitcoin holdings.

Tesla mentioned the sale of Bitcoin in a slide during its first quarter earnings call on Monday:

“Compared to the same period last year, the gains from higher sales volume, higher regulatory credit income, higher gross margin from lower product costs, and the sale of Bitcoin (net of $101 million of related losses in the “Restructuring and Other” line) were primarily offset by lower average selling prices, increased stock-based compensation, additional supply chain costs, and investments in research and development. The introduction of the new Model S and Model X vehicles had a negative impact on both gross margin and research and development expenses.”

Electric car maker Tesla purchased $1.5 billion worth of Bitcoin in February.