Tesla may have made more profit from Bitcoin than electric vehicles, according to shared reports.Tesla, which is owned by Elon Musk, had informed the United States Securities and Exchange Commission that he bought $ 1.5 billion worth of Bitcoin in recent weeks.
This move of the company was considered as a long-term investment. In addition, after Tesla’s statement to the SEC, the value of Bitcoin increased by about 10 percent.
While this move of Tesla had great repercussions in the industry, it also became a matter of curiosity about how much profit the company made from buying Bitcoin. With some research on the subject, it has been revealed how much the electric car manufacturer has achieved on average from this purchase.
As you know, Bitcoin was traded between $ 29,333 and $ 37,020 in January. After Tesla’s $ 1.5 billion purchase, the company is said to have received a total of 37,020 to 51,137 Bitcoin. The average of these values is 44,079 Bitcoin.
Experts evaluating three different scenarios also reveal how much Tesla has made from this acquisition:
Note: When this report was published, the value of Bitcoin was $ 48,450.
51,137 Bitcoin: $ 2.48 billion, $ 0.98 billion profit
44,079 Bitcoin: $ 2.14 billion, $ 0.64 billion profit
37,020 Bitcoin: $ 1.79 billion, $ 0.29 billion profit
When we examine these rates, we observe that the company’s earnings in purchasing Bitcoin are more than all revenues in the 2020 fiscal year. If you remember, Tesla closed the fiscal year 2020 with a profit of $ 721 million.