With a $ 1.5 billion investment in BTC announced on February 9 by the SEC and the appreciation of the cryptocurrency, Tesla has probably earned more from bitcoin than from selling cars in 2022.
As much as Tesla Motor is now the seventh largest company in the world, it is not especially known for delivering high profits from the sale of electric cars.
In fact, the company is substantially dependent on the sale of carbon credits, which Tesla receives from the government for the sale of "green" cars. According to a Financial Times survey, Elon Musk's company generated $ 401 million in credit sales in the last quarter of 2020, accounting for most of its $ 575 million in operating profits.
Tesla sells carbon credits to other automakers that need to comply with environmental regulations, while it sells electric cars that don't make as much profit. In the last 2 years, its operations (before the sale of credits) had a loss in 4 different quarters.
Tesla's operating profits before (in pink) and after (in blue) the sale of credits. Source: ft.com
How much did Tesla earn with bitcoin?
Although the average price of purchased bitcoins has not been revealed yet, according to the SEC document the $ 1.5 billion investment was made in January 2022. This month, bitcoin found its lowest point at $ 27,750 on the day 4 and a maximum price of $ 42,000 on the 8th.
Therefore, Tesla's assets are between 35,714 and 54,054 bitcoins. Therefore, it accumulates gains of US $ 105.4 million (in the worst scenario) to US $ 929.9 million (in the best scenario). The exact amount must be somewhere in the middle of this estimate, since it is impossible to buy so many bitcoins without moving the market, and dragging the quote upwards while carrying out operations.
If we consider that these profits were achieved in less than a month, it is a value that can be up to 14 times higher than your gains registered in car sales in the last 3 months of 2020.
Although the 2022 results have not yet been released by the company, Bitcoin is really proving to be a major driver for Tesla, which is expected to further increase its position over time by accepting btc as a form of payment.
Tesla is not even the first publicly listed company to accomplish this feat. The world's largest business intelligence company, MicroStrategy, has also achieved bitcoin gains higher than its regular operations in a short time.
In October 2020, with just 2 months of bitcoin purchases, MicroStrategy's crypto earnings overcame 3 years of profits from its commercial operations. Since then, its shares have been rising with the growth of Bitcoin, and the same is happening now with Tesla.
See too: The next hype: companies with bitcoin in their reserves
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