We do the research, you get the alpha!
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
$66,337.00
0.07%$3,034.72
1.06%$7.22
4.56%$579.29
-0.47%$168.18
3.02%$1.00
-0.01%$0.521197
0.42%$3,033.42
1.15%$6.66
0.93%$0.152541
-1.38%$0.488041
7.24%$0.00002483
-1.35%$36.70
6.14%$0.124879
0.07%$66,427.00
0.25%$16.59
19.72%$466.66
2.91%$8.22
1.00%$0.711815
3.96%$83.07
0.76%$12.76
4.04%$2.26
-1.46%$7.41
0.78%$5.86
-1.93%$0.117584
6.35%$0.00000995
-3.95%$28.18
3.39%$10.05
-2.70%$8.51
0.40%$1.00
-0.08%$2.43
0.96%$3,148.32
1.08%$8.65
2.35%$0.123829
-1.39%$0.991702
0.12%$5.85
0.62%$48.39
9.76%$0.108064
1.36%$2.05
-0.95%$49.57
0.03%$2,976.69
0.99%$0.31528
2.04%$0.120874
-1.06%$2.85
-3.72%$1.014
3.17%$2.54
4.03%$0.03604069
0.41%$380.11
-5.49%$2,708.72
-2.16%$1.054
1.16%$134.15
0.51%$1.002
0.04%$6.92
4.59%$24.48
2.72%$0.807798
-1.11%$2.23
3.96%$0.00020892
-1.67%$3,356.22
1.16%$9.11
0.76%$1.22
4.59%$0.56095
-0.05%$1.84
-0.03%$0.00002413
-4.55%$0.0445556
0.86%$1.77
11.86%$1.082
-2.50%$0.179024
-0.57%$3,136.17
1.20%$9.87
-0.15%$95.69
-0.22%$0.955417
10.06%$5.79
-2.19%$0.885629
0.45%$87.20
1.18%$64.38
1.56%$0.02465779
-2.35%$0.942066
-1.34%$0.0000012
-0.11%$2.02
-0.68%$0.027463
-2.86%$15.60
1.53%$40.37
-1.27%$18.96
-0.38%$0.02106254
0.77%$0.118978
-1.18%$7.30
1.22%$4.86
-1.22%$0.704355
-2.04%$7.90
-1.51%$200.39
3.43%$0.444064
1.32%$0.02055203
-0.19%$0.549686
-3.16%$2.31
7.55%$12.21
0.19%$0.00004846
-0.74%$0.820541
1.99%$9.81
1.71%$0.93815
2.04%$0.83831
4.83%$0.22051
2.98%$0.800772
-0.08%$2.67
3.12%$2.68
0.32%$1.13
-1.19%$0.43454
1.55%$0.01164073
-5.13%$37.90
-2.13%$3,018.97
0.71%$0.808281
-4.03%$4.74
-0.16%$199.62
3.39%$3,058.19
0.97%$1.22
-0.53%$1.32
3.24%$12.90
-1.83%$0.999181
0.14%$0.663155
0.52%$4.67
5.43%$275.79
-0.09%$0.2161
0.81%$0.106686
2.21%$2.66
1.36%$1.045
0.44%$0.01535465
2.75%$0.437749
-0.01%$0.999003
-0.06%$0.175936
1.61%$16.25
-0.64%$0.00010761
-1.00%$35.23
0.80%$3,019.32
0.98%$0.94632
-1.42%$19.11
-4.89%$0.090903
2.72%$1.94
-1.30%$0.738621
2.78%$0.372859
-0.57%$2,389.10
0.12%$4.69
-0.75%$0.00000027
-2.82%$3,197.30
1.16%$0.857332
-1.58%$2.02
-0.60%$3,242.86
1.14%$0.291654
1.65%$0.03646381
0.77%$1.50
0.28%$0.53646
-0.83%$82.67
-1.98%$2.38
0.45%$0.427319
1.23%$0.091195
1.27%$1.001
-0.07%$4.35
10.71%$1.079
-2.81%$1.85
6.19%$0.00000049
0.24%$3,282.78
1.26%$0.050051
-1.28%$0.04418613
-2.68%$0.02535212
-3.77%$2.69
-1.29%$1.014
3.46%$14.63
3.02%$0.276347
-1.10%$1.086
1.04%$0.309776
3.49%$0.840231
2.77%$0.426391
6.36%$0.386891
0.74%$4.55
-4.30%$0.0446664
-1.31%$0.220146
0.41%$2,369.09
-0.06%$9.34
-2.63%$0.0235946
1.00%$0.442379
-16.21%$0.503543
-0.08%$0.310774
-0.12%$5.04
2.70%$0.00718894
2.64%$0.02959266
0.49%$0.521473
7.63%$0.584553
-0.40%$0.999887
-0.02%$0.00224694
-1.22%$1,331.45
0.26%$3.43
-0.37%$0.00115756
-2.74%$0.00707304
-1.78%$4.02
5.26%$19.37
-6.74%$1.56
-4.49%$1.65
-3.77%$3.69
1.87%$3.36
-4.58%$56.02
0.76%$3,107.02
0.75%$0.523585
-0.50%$0.072754
0.35%$0.811037
-0.09%$3.47
2.49%$0.00724166
5.48%$0.03778352
1.14%$0.242162
1.62%$0.732399
4.42%$23.49
0.67%$0.04143703
-2.54%$29.62
1.45%$0.861151
0.51%$0.02874436
2.11%$60.50
3.62%$0.03798238
1.72%$4.26
-0.08%$5.13
1.46%$60.94
1.01%$20.51
-0.20%$3.37
2.26%$0.00416885
4.71%$0.03243895
0.24%$0.914862
2.26%$0.738037
2.53%$0.25487
0.38%$30.66
-0.30%$0.840754
1.88%$7.69
1.03%$0.43884
0.41%$0.458747
3.19%$0.00334647
0.96%$2.03
3.68%$3.67
-0.80%$2.56
5.89%$0.331149
-0.04%$3.95
3.74%$2.02
-0.62%$30.23
-2.77%$0.318921
1.60%$0.345464
1.87%$42.22
6.59%$108.46
-3.48%$0.00003001
-16.52%$38.75
6.40%$0.00084556
-8.39%$0.352687
-4.57%$0.191031
-2.45%$0.844684
2.17%$29.50
1.31%Tesla sold 75% of its Bitcoin, worth approximately $936 million, according to its Q2 earnings report.
In its after-market earnings announcement, the electric car manufacturer founded by Elon Musk said in a shareholder presentation that “Bitcoin impairment” had a negative impact on its profitability during the second quarter, when it posted $2.5 billion in operating income.
The crypto market immediately reacted to the news.
Bitcoin (BTC), which made it above $24,000 on Wednesday, dropped sharply right after markets closed at 4 p.m. Eastern Time. It was trading at $23,078.18 at the time of writing, down 2.5% in the last hour, according to CoinMarketCap.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, was also down 3% in the last hour following the news from Tesla’s earnings report.
Tesla and Musk have had an on-again, off-again relationship with Bitcoin.
The electric vehicle company invested $1.5 billion in Bitcoin in February 2021, after changing its investment policy in January to allow it to hold digital assets. It was seen as a very bullish move at the time. So much so that BTC hit what was then a new all-time high of $43,000.
Then, in May 2021, Musk seemed to sour on BTC as he announced that Tesla would stop accepting it as payment, citing concerns over the environmental impact of Bitcoin mining.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
In its 2022 first quarter report, filed in April, TSLA wrote that it believes in Bitcoin’s “long-term potential of digital assets both as an investment and also as a liquid alternative to cash.”
But it also warned shareholders that price changes tend to impact its profitability, which now seems like a harbinger for Wednesday’s announcement.
“For example, in the first quarter of 2021, we recorded approximately $27 million of impairment losses resulting from changing to the carrying value of our Bitcoin and gains of $128 million on certain sales of Bitcoin by us,” the company wrote in its April 25 SEC filing.