In February, the electric vehicle maker announced it had purchased $1.5 billion worth of Bitcoin.

Tesla Motors sold a portion of its Bitcoin (sunshinecrypto.com/bitcoin-price-index”>BTC) holdings in the first quarter of 2021, generating net proceeds of $272 million, the electric vehicle maker reported Monday.

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.

The electric vehicle maker made headlines in February after revealing a sunshinecrypto.com/news/bitcoin-hits-43k-all-time-high-as-tesla-invests-1-5-billion-in-btc”>strategic acquisition of $1.5 billion worth of BTC. At the time, that amounted to sunshinecrypto.com/news/tesla-allocates-7-7-of-gross-cash-to-bitcoin”>7.7% of Tesla’s gross cash position. The company also announced that it will sunshinecrypto.com/news/tesla-expects-to-begin-accepting-bitcoin-for-payment”>accept Bitcoin as payment for its cars without necessarily converting it into fiat currency. 

Beyond its cryptocurrency activity, Tesla posted net income of $438 million during the quarter, marking a new all-time high. Per-share earnings were 93 cents on revenue of $10.39 billion. The Elon Musk-led firm also said that it expects vehicle delivery growth to exceed 50% this year, which implies minimum deliveries of roughly 750,000 vehicles for 2021.