Tesla’s bold campaign in the Bitcoin (BTC) market paid off in 2021 as the price of BTC rose to more than a thousand dollars in October.
According to online monitoring resources, Tesla currently holds about 43,200 BTC, valued at about 2.5 2.5 billion at today’s prices. Bitcoin Treasury. That’s about 65% or $ 1 billion more than Elon Musk’s company paid the carmaker in February. Published That it added 1.5 1.5 billion to BTC on its balance sheet.
In Q2, Tesla sold 10% of its Bitcoin holdings – about 46,000 BTC – at an average price of 50,000 50,000 per token. Inside it Q2 earnings report, The company has announced that it has booked a profit of $ 128 million from its Bitcoin sales.
Tesla has made the first billion by selling cars in Q2
Following the return of the latest Bitcoin price, Tesla’s net profit from Crypto Holding has come out as its earnings from Q2.
In detail, Tesla reported a net profit of 1. 1.14 billion for Q2, surpassing $ 1 billion for the first time. Revenue was a fraction of the 11 11.96 billion in revenue that Tesla generated by selling most cars – about 21 10.21 billion. The remaining $ 354 million came from regulatory credit sales.
Tesla revealed on October 1 that it delivered 241,300 electric vehicles in the third quarter, compared to 201,250 vehicles in the previous quarter. Combined with Tesla Bitcoin profits, 1 block is expected to earn a blockbuster after the market closes in October.
“We expect Q3 to be TSLA’s strongest quarter” Said Piper Sandler analyst Alexander Potter.
What will other companies follow?
So far, Tesla’s bitcoin strategy has been very successful, providing a case study of how other corporates can replace a portion of their cash reserves with BTC.
That said, a number of companies that have invested in Bitcoin before Tesla have seen even greater profits.
For example, the business intelligence agency Micro Strategy bought Bitcoin worth about 15 15.15 billion in multiple purchase rounds. With the first purchase on August 11, 2020, the company’s net bitcoin profit is now close to $ 3. billion billion, which almost doubles its investment.
Jack Dorsey’s payment services firm, Square, has also seen substantial profits from holding Bitcoin, which is now more than 2 442 million from a বিনিয়োগ 220 million investment.
In addition, Canada-based crypto mining firm Hat8 Mining Corporation increased its Bitcoin purchase value by more than 600% to 39 39.3 million, reaching nearly 250 250 million. Back in June, the company announced plans to have 5,000 BTCs by 2022.
The opinions and opinions expressed here do not necessarily reflect the views of the author and Cointelegraph.com. With every investment and trading move involving risk, you should conduct your own research when making decisions.
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