It has been 37 days since Tesla announced its $1.5 billion Bitcoin (BTC) purchase in a filing with the United States Securities and Exchange Commission.
The exact BTC purchase size was not revealed in the document, but with Bitcoin trading between $29,000 and $37,000 in January, Tesla’s $1.5 billion outlay could mean the company holds at least 40,000 BTC.
Based on these speculative figures and the Bitcoin price increase since the end of January, Tesla’s 40,000 BTC minimum is now worth $2.2 billion. This figure translates to $700 million in unrealized profit.
Thus, Tesla is sitting on close to $19 million in unrealized profit per day over the 37-day period since it announced its Bitcoin purchase.
The electronic vehicle manufacturer earned $31.54 billion in revenue from the sale of 499,550 cars in 2020 to deliver a profit of $721 million. Tesla’s Bitcoin ownership has almost eclipsed this profit margin, especially seeing as the above analysis only considered the company’s likely minimum BTC stash.
Taking car sales across the year as a flat average, Tesla sold approximately 1,368 cars per day at a daily profit of $1.98 million.
As stated earlier,Title: Tesla may have made more money holding Bitcoin than selling cars
Sourced From: cointelegraph.com/news/tesla-may-have-made-more-money-holding-bitcoin-than-selling-cars
Published Date: Wed, 17 Mar 2021 16:00:00 +0000