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Tesla Motors (NASDAQ: TSLA) reports profits soaring 2,638% to reach $438 million!
Yet 25% of Tesla profits for the quarter came from trading Bitcoin – and NOT from selling electric vehicles.
Cryptocurrencies are now a $2 trillion market. And big companies including Tesla and Square (NYSE: SQ) are reaping huge profits.
The 2021 Crypto Boom is happening now . . .
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Tesla released these quarterly financial results yesterday:
- 74% increase in revenues – reaching $10.4 billion
- 184,800 EVs delivered to customers
- EPS of $0.93 versus estimates of $0.79
The most impressive number was Tesla profits. CEO Elon Musk is working to improve the company’s profitability. And the latest results show traction . . .
Tesla profit hit a record quarterly high of $438 million.
Inside the Tesla Profit Secret
Tesla is on track to sell over 800,000 EVs in 2021. Yet that isn’t the company’s primary source of income.
In fact, Tesla earns most of its profits from federal government tax credits. These credits encourage consumers to buy EVs. And it allows Tesla to sell cars at a financial loss.
Tesla is also tapping an unusual source for profits:
Elon Musk announced that Tesla invested $1.5 billion in Bitcoin in February. And the news immediately sent the crypto price up 10%.
Yesterday, Musk announced that Tesla locked in profits on a portion of the Bitcoin stake. The company sold 10% of its position . . .
Locking in a $101 million profit in two months.
That means nearly 25% of total Tesla profits came from this single trade.
Here you can see how this boosted Tesla’s profits to a recent record . . .
Crypto Boom of 2021
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Profits from tax credits – and the Bitcoin trade – helped Tesla avoid quarterly losses.
Shares of Tesla are down 16% from the all-time high. Yet the stock still commands a $681 billion market capitalization. That makes Tesla five times more valuable than General Motors (NYSE: GM) and Ford (NYSE: F).
CEO Elon Musk: Bullish on Crypto
Elon Musk remains bullish on Bitcoin.
The Tesla CEO says he hasn’t personally sold ANY of his Bitcoin holdings.
Meanwhile, Tesla continues to hold over $1.3 billion in the crypto.
Plus, MicroStrategy (NASDAQ: MSTR) has a stake valued at over $2.5 billion. And Square has a stake exceeding $250 million.
These big companies are making huge investments in the sector.
Smart investors are scooping up shares of private crypto stocks – BEFORE they IPO. And I’d like to reveal a simple secret that allows YOU to jump into these Pre-IPOs.
My research just uncovered a NEW cryptocurrency exchange that plans to IPO in 2021. And you can claim private Pre-IPO shares today.
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Yours in Wealth,
Ian Wyatt