Tesla Makes More Money Selling Coins Than Cars? Whales Emerge with Market Impact

On April 27, Tesla's unaudited first-quarter financial report showed a net profit of $438 million for the first three months, of which $101 million was obtained through selling Bitcoin. The company had announced in January that it had invested $1.5 billion in Bitcoin. Soon after, Tesla founder Musk stated that selling Bitcoin was to prove its liquidity as a cash alternative on the balance sheet, and that he had not sold his personal Bitcoin holdings.