Bitcoin Tesla has not saved only the biggest problem was delayed

Bitcoin’s rise in Tesla Mask struggles helped deeper, adding $ 600 million to its profits. But behind the numbers, low demand, price cuts, and margins covered with a different story.

Bitcoin, savior

TimingThe last profit a report On January 29 it was expected to be widely disappointed. Car sales slowed down, revenue became lower than expectations, and operating costs continued to climb.

But as investors prepared for weak results, an unexpected factor gave Tesla financial data sudden – Bitcoin (Bitcoin (BTC).

Thanks to the newly implemented accounting base, Tesla Bitcoin Holdings received a large reaction, adding $ 600 million to the company’s net income.

Previously, accounting standards require companies to report bitcoin currencies of their lowest value during ownership, regardless of any price recovery.

However, in December, the Financial Accounting Standards Council has presented a new base that allows for the evaluation of digital assets at market prices every quarter.

The timing can not be better for a tella. Increase Bitcoin in Q4 means that the company can finally reflect the true value of its passports – just as the original gathered.

Decoding the reasons behind Tesla’s income batch

Tesla Q4 profits draw the company’s image under the increasing financial pressure. Quarter revenues amounted to 25.71 billion dollars, with a modest increase of 2 % over the previous year less Analysts’ expectations of $ 27.22 billion.

Meanwhile, operating expenses increased by 9 % from the previous quarter to $ 2.59 billion, which increased profitability. But then Bitcoin came.

By the end of Q3, Tesla reported Bitcoin’s holdings of $ 184 million, although its actual market value exceeded one billion dollars at that time.

The old accounting rules forced companies to register bitcoin in their lowest evaluation, ignoring any price recovery. However, the sharp assembly of Bitcoin in the fourth quarter, along with the new base of FASB, means that Tesla can now re -evaluate Bitcoin’s wives based on market prices.

This amendment added 589 million dollars to the TESLA public budget, which enhances its reported profits. Despite the weak car sales, Bitcoin -Tesla’s re -evaluation helped spread a net income of the generally accepted accounting principles of $ 2.3 billion, with $ 600 million in direct from Bitcoin.

Investors negatively responded to the advertisement, causing Tesla’s shares to decrease more than 3 % over two days, and traded at $ 385 as of January 30.

The story is behind the interface

At first glance, Tesla Q4 profits looked decent, with inappropriate profits per share of $ 0.73. However, financial analyst Gordon Johnson quickly indicated that this number did not tell the full story.

A closer look revealed that 17 cents of the Non-Reported Arrow of the GAAP-or nearly 23 %-came from the 600 million bitcoin reractions of Tesla.

This gain was purely on paper, which means that Tesla did not sell Bitcoin; It was simply recorded the increase in value due to the high bitcoin prices, which rose to about $ 105,000 by January 30.

Installing this modification, the actual EPS of GAAP could have been closer to $ 0.53, which is 27 % lower than the number reported. More importantly, this is less than $ 0.77, about 31 % missing.

For clarity, EPS changed GAAP controls elements such as stock -based compensation, and in the case of Tesla, which includes unreasonable Bitcoin gains.

However, under GAAP accounting rules, unrealized encryption losses or cosmoplas in EPS does not affect the report, which is why the Tesla Eps GaP has reached $ 0.66 – a more accurate reflection of its basic performance.

Besides the accounting effects, Johnson also highlighted that Tesla has strongly reduced vehicle prices to maintain demand, but this strategy presses profitability.

The company has historically relied on selling organizational credits to increase margins, but with the shrinking of these margins (except for credits), it indicates that Tesla is struggling to maintain pricing strength, which reflects the increase in pressure on Tesla’s basic works for cars in Bitcoin temporarily towels.

Tesla: The auto company, Fintech player, or anything else?

Bitcoin’s Tesla profit payment reflects a broader trend for public companies that integrate Bitcoin into their public budgets. As of January 30, 78 public trading companies Collectively It has more than 3 million BTC, which represents about 14.3 % of the total Bitcoin offer 21 million.

Microstrategy remains Bitcoin’s largest holder, with 471,101 BTC with approximately $ 49.5 billion.

Bitcoin accumulation strategy from Microstrategy Paid To the second best performance in NASDAQ 100 as of January 29, bypassing major technology giants such as Meta, Netflix and NVIDIA. However, by January 30, he had slipped to fifth.

Bitcoin holders include other major companies Digital marathon, With 44,893 BTC worth about $ 4.7 billion, and Riot control platformsHolding 17,722 BTC at a value of about $ 1.9 billion.

Meanwhile, as of January 30, Tesla has 9,720 BTC, making it the sixth largest pregnant bitcoin, according to the Bitcoin Treasury. However, this is just part of what the company originally owns.

Tesla initially bought nearly 43,000 BTC in early 2021, but later sold 75 % of her holdings in July 2022, ranked 30,000 BTC for $ 936 million. If Tesla kept the full Bitcoin mode, the Q4 financial payment would be more clear.

While Tesla faces financial pressure, Elon Musk expanded its focus on digital financing. Social media platform, x, Declare On January 30, a partnership with Visa to launch a digital payment service and pay a counterpart.

X Money will be able to account for users to transfer money between traditional bank accounts and digital portfolios, and place them in X sites as a direct competitor to the Fintech giants such as Zelle and Venmo.

At the same time, the government competence department in musk (DOGE), an agency It was established as part of the Trump administration, recently highlighted the shortcomings in the production of the American currency.

According to Touj, the United States mint Spend Three cents to produce each penny, one percent, taxpayers cost $ 179 million in the fiscal year 2023 alone.

A closer look at the latest MUSK movements indicates a larger strategy in playing. With the growth of Bitcoin in corporate cabinets, the boundaries between corporate financing, government influence and digital assets are increasingly unclear.

If the margins of Tesla continue to wear and the bitcoin fluctuations continue to form their financial devices, what happens when the numbers are no longer in line with the story?

Does Tesla remain a car manufacturer, or does it turn into something else – a company whose fate is associated not only to production lines but for digital assets, accounting, and Musk’s unpredictable aspirations?