Tesla earns a large profit from the selling of Bitcoin in the first year.

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The electric car manufacturer revealed in February that it had acquired $1.5 billion in Bitcoin.

Tesla Motors announced Monday that it sold a portion of its Bitcoin (BTC) holdings in the first quarter of 2021, earning a nett profit of $272 million.

In a 30-page slide deck accompanying its quarterly financial results, Tesla noted a $101 million “positive impact” as a result of its Bitcoin sale:

“Year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement driven by further product cost reductions and sale of Bitcoin ($101M positive impact, net of related impairments, in Restructuring & Other line), were mainly offset by a lower ASP, increased SBC, additional supply chain costs, R&D investments and other items. Model S and Model X changeover costs negatively impacted both gross profit as well as R&D expenses.”

In its quarterly cash flow statement, the company said “proceeds from sales of digital assets” were valued at $272 million.

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The autonomous car manufacturer made headlines in February after announcing a $1.5 billion strategic takeover of BTC. Which contributed to 7.7 percent of Tesla’s total cash position at the time. The company has stated that it would consider Bitcoin as payment for its vehicles without having to translate it to fiat currency.

Aside from its cryptocurrency operation, Tesla recorded nett profits of $438 million in the third quarter, a new all-time record. Earnings per share is 93 cents on sales of $10.39 billion. Elon Musk’s company has stated that it expects vehicle delivery development to reach 50% this year, implying a minimum of 750,000 vehicles delivered in 2021.

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