Tesla "1.2 Billion KRW Profit from Bitcoin Sale... Will Continue Long-Term Investment"

Kirkhorn CFO "Bitcoin Purchase Strategy for Cash Utilization Is Right"
"Continuing to Hold Bitcoin Received After Vehicle Sales"
Additional Bitcoin-Related Announcements Expected

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Electric vehicle company Tesla announced in its first-quarter earnings report that it sold some of its Bitcoin holdings. However, it stated its intention to continue investing in Bitcoin going forward.

Jack Kirkhorn, Tesla's Chief Financial Officer (CFO), who holds the title of 'Coin Master,' said during the earnings conference call on the 26th (local time), "We will hold Bitcoin long-term and continue to retain the Bitcoin obtained from vehicle sales."

Tesla allows vehicle purchases using Bitcoin. This means the company intends to keep the Bitcoin received as payment for vehicle sales.

He also revealed that Tesla sold about 10% of the $1.5 billion worth of Bitcoin previously purchased for $227 million, earning a profit of $110 million (?122 billion). This was included in Tesla's earnings report.

CFO Kirkhorn explained that he and CEO Musk looked for places to invest cash and invested in Bitcoin to earn profits instead of holding cash in a low-interest-rate environment. He added that although they did not buy Bitcoin for immediate profit, they sold some due to necessity.

CFO Kirkhorn said, "Purchasing Bitcoin was the right decision," and added, "We are satisfied with Bitcoin's liquidity and will invest long-term."

He also hinted, "There will be additional announcements related to Bitcoin soon."

This content was produced with the assistance of AI translation services.