Forget electric cars: Tesla has earned more than $1 billion for buying bitcoin
Tesla is currently the only company in the S&P 500 that has bitcoin on its balance sheet, and this bet has proved increasingly right.
With an appreciation of about 66 percent, the electric car maker’s bitcoins are now worth nearly $2.5 billion, $1 billion more than in February, when they announced the purchase of the cryptoactive.
But beyond that, speculation still guaranteed a few dollars for the company, when Tesla sold part of the investment to prove the liquidity of bitcoin. Elon Musk confirmed that 10% of the holdings were sold, meaning around 4,800 bitcoins were liquidated.
The company’s 2021 second quarter result was a record, it was the first time Tesla reported more than $1 billion in net income, and we’re not talking about bitcoin sales. The sale of carbon credits to other companies is still a fundamental part of the company’s revenue.
According to the Financial Times, Tesla’s profitability is still highly dependent on the regulatory credit market and not so much on the electric car market. To improve the company’s situation, bitcoin seeks ever higher levels and can deliver profits for Tesla.