No, Bitcoin didn’t ruin Tesla – In a crypto market more than febrile after the disasters of Terra (LUNA) and Three Arrows Capital (3AC), the new sale of nearlyone billion dollars in bitcoins by You’re here was not without giving white hair to some. Yet the premium electric vehicle company ofElon Musk didn’t lose any money on her bitcoin bet, she even did some profit !
Tesla bitcoins sold slightly more expensive than when bought
Although critics of Bitcoin and the cryptosphere no doubt hoped that the announcement of the massive sale from BTC from You’re here was going to cause another sharp drop in prices, but nothing happened.
Already, becauseElon Muskits CEO and founder, quickly explained that this choice of cash was not made against the king of cryptos, but in a worry towards the China whose Covid confinements drag on. A need for liquidityas a precaution, at least officially.
Then it also turns out in the numbers that this resale of bitcoins was done in such a way thoughtful, without haste or panic. In its detailed quarterly report, filed with the SEC, Tesla reveals that it has recorded “earnings of 64 million dollars” on these conversions of bitcoins into fiat currency, made during the first half of 2022. Which implies that the company has globally resold to a best price his bitcoins bought before his statement filed in February 2021.
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Still 25% of bitcoins in stock for Elon Musk
On the 1.5 billion dollars of bitcoins that Tesla had acquired, remember that the company had already sold part of it in April 2021. This first sale of BTC, amounting to 272 million dollars, had then brought in a profit of 101 million dollars to Tesla.
Although he still has 25% of its BTCs, Elon Musk’s company has therefore already recovered for a little more 1.2 billion dollars on his initial investment in Bitcoin. According to Tesla’s latest quarterly statement, it remained for “$222 million in digital assets” to the company, at market price on June 30, 2022.
This would represent approximately 10,800 BTC, still present in the accounts of the manufacturer of electric vehicles. That’s about $227 million today. As to whether Tesla will redeem Where keep selling bitcoins in the next few months, we will not have no answer :
“(…) we may increase or decrease our holdings of digital assets at any time, depending on business needs and our view of market conditions and the environment [macro-économique]. »
Excerpt from Tesla’s quarterly report to the SEC
Tesla finds himself oscillating Between meager earnings Where meager losses (for such a multinational) on his Bitcoin bet. At least, at present. As to whether Elon Musk and his company stay optimistic for the future of the king of cryptos, remember that Tesla bet big to help createa giant BTC mining solar farm in Texas, in partnership with Blockstream and block (formerly Square).
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