Tesla allocates 7.7% of gross cash to Bitcoin
Breaking down Tesla’s Bitcoin purchase reveals the emergence of a new corporate whale. Tesla (TSLA) sent shockwaves across the financial markets Monday after a United States Securities and Exchange Commission filing confirmed that the electric vehicle maker has added Bitcoin (BTC) to its balance sheet.Tesla’s latest Form 10-K filing for the fiscal year ended Dec. 31, 2020 shows a $1.5 billion allocation to Bitcoin. As Bitwise researcher David Lawant points out, Tesla’s BItcoin exposure represents roughly 7.7% of its gross cash position. According to the most recent 10K filing, @Tesla had....
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Popular mobile payment platform Cash App, developed by Jack Dorsey’s Block Inc., generated $10 billion in bitcoin revenue and $218 million in bitcoin gross profit in 2021. Compared to the previous year, the bitcoin revenue increased 119% while gross profit rose 124%. Cash App’s Bitcoin Business Block Inc., formerly Square Inc., released its Q4 2021 earnings report Thursday. The report includes the performance of Cash App, the firm’s mobile payment platform that allows users to trade bitcoin. The company stated: Cash App generated $1.96 billion of bitcoin revenue and....
In February, the electric vehicle maker announced it had purchased $1.5 billion worth of Bitcoin. Tesla Motors sold a portion of its Bitcoin (BTC) holdings in the first quarter of 2021, generating net proceeds of $272 million, the electric vehicle maker reported Monday.In a 30-page slide deck accompanying its quarterly financial results, Tesla noted a $101 million "positive impact" as a result of its Bitcoin sale:"Year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement driven by further product cost reductions and sale of Bitcoin....
Jack Dorsey’s Square made more than 90% more gross profit than the same period last year, with $546 million coming from Cash App’s Bitcoin services. Jack Dorsey’s Square has reported a 200% increase in Bitcoin revenue for the second quarter year-on-year (YoY).The company announced the impressive earnings figures in its second-quarter shareholder letter on August 1. In the report, Square revealed its total gross profit grew 91% YoY to $1.14 billion.Bitcoin services drove $2.72 billion in revenue for the app, with a gross profit of $55 million, respective increases of 210% and 223%....
Tesla may have realized some of its Bitcoin profits, but CEO Elon Musk continues to hodl. Billionaire entrepreneur Elon Musk has taken to Twitter to assure the crypto community that he has not sold any of his personal BTC stash, despite his company Tesla realizing profits from its recent Bitcoin buys.Musk’s comments came in response to accusations from comedian Dave Portnoy that the Tesla CEO had profited from a Bitcoin pump and dump engineered through his public statements supporting the cryptocurrency.Rejecting Portnoy’s assertion, Musk stated that “Tesla sold 10% of its holdings....
In total, Block generated $4.42 billion worth of gross profit in 2021 marking a total YoY growth of 62%, however, net profit totaled just $77 million. Crypto-friendly digital payments tech firm Block, Inc. (formerly known as Square) posted $1.18 billion worth of gross profit in Q4, representing a growth of 47% over the same period in 2020. The firm led by Bitcoin maxi Jack Dorsey has multiple business arms including Cash App, Square, and the freshly acquired buy now pay later (BNPL) firm Afterpay after the $29 billion deal officially closed at the end of last month. Block’s 2021 Q4 report....