关于特斯拉和比特币，这里有一些新情报
比特币（Bitcoin）和埃隆·马斯克可以说是地球上最大的两桩生意了。因此，当后面这位特斯拉公司（Tesla）的首席执行官在4月26日发布的第一季度财报中披露，该电动汽车制造商抛售了一部分于今年早些时候高调购入的比特币、并获益颇丰时，推特（Twitter）上炸开了锅。比特币怀疑论者、知名的博客作家，同时也是资讯网站Barstool Sports创始人的戴夫·波特诺伊抨击马斯克精心策划了一场骗局。他在推特中说：“所以我这么理解对吗？马斯克炒高了比特币，然后转手把它抛了，狠狠赚了一笔。”比特币迷担心，马斯克已经对他原来大力推广的这种技术失去兴致了。
而马斯克也不甘示弱，在推特上回击了波特诺伊，并让粉丝们放心：“不，你理解错了。我没有卖出自己的任何一枚比特币。只是特斯拉出售了公司持仓的10%，这主要是为了证明比特币的流动性，而不是为了要在财报上显示出有现金入账。”显然，这是马斯克首次披露自己持有比特币，并且证实将继续持有。这两则消息也得到了特斯拉首席财务官的印证，即特斯拉会长期持有比特币。这就让币圈发烧友们欢呼雀跃，并进一步推动了从前一天就开始的牛市。消息发布后，比特币在4月27日下午早些时候上涨了2%，至54,092美元。
特斯拉在比特币上赚了多少钱？
自从特斯拉在2月8日宣布以15亿美元的价格购入上万枚比特币以来，这家电动汽车制造商的收益一直是肉眼可见的丰厚。第一季度报告也向人们透露了更多细节，即特斯拉大约花了多少钱买币、它们的资产负债表上还剩下多少比特币，以及它们到底从这场豪赌中获益多少。这些数字还揭示了一个让人担忧的事实：在第一季度，与比特币的升值相比，特斯拉从销售汽车和电池、提供软件更新等服务中赚到的钱相形见绌——而这些才是它的基础业务。
通行的会计规则将数字货币划为“无限期无形资产”类。如果在一个季度末，比特币的价格低于该公司购入时的价格，则要记为“收益减少”，以反映亏了多少。但如果价格上涨，持有者也不能在财报上显示这种升值。持仓的价值仍然要显示为公司最初支付的金额，即“账面价值”。
第一季度财报里显示出的巨额利润也让人们知晓了特斯拉这笔意外之财的大致规模。根据第5页的注释，特斯拉出售比特币获得了1.01亿美元的“净利润”，记录在财报的“资产重组与其他”一行中。在现金流报表上，出售比特币的收益是2.72亿美元。因此能够得知，特斯拉购入比特币的价格是1.01亿美元，而这一买一卖就赚了1.71亿美元，获利59%。特斯拉的首席财务官扎克·科克霍恩在电话会议上表示，交易发生在“3月下旬”。
比特币的价格在3月的最后三周里一直趋于稳定，均价55,100美元。因此，从数字上看，特斯拉大约以该价格出售了4,800枚比特币，达到2.72亿美元的收益。我们也可以估算出特斯拉最初买入比特币时的价格。由于它每卖出一个比特币就能够获得59%的利润，因此其原始成本必然在34,700美元左右。这样的数字也很合理，接近于1月至2月初特斯拉购入时期的均价。这笔价值15亿美元的投资大约买入了43,000枚比特币。
还有，售出比特币的账面价值，即带来的回报收益为1.71亿美元。因此，我们可以得知，原始投资的15亿美元大约还剩下多少：15亿美元减去1.71亿美元，约合13.29亿美元。我们就知道每枚比特币购入时的价格约为34,700美元。
结论就是：特斯拉仍然持有约38,300枚比特币，价值13.29亿美元。按照4月26日比特币的价格54,100美元计算，特斯拉的资产共计20.7亿美元。它原来持有的价值为7.41亿美元。加上第一季度新入账的1.01亿美元，总收入为8.42亿美元。
这些数字都是近似值，但应该说接近全貌。在财报中，特斯拉显示持有13.31亿美元“数字货币”。这比上述按照“销售所得-原始购买”计算的高出200万美元。但是在电话会议上，柯克霍恩称，特斯拉“将继续从客户的购车交易中积累比特币。”马斯克在2月发表的著名宣言中指出，特斯拉将接受比特币来代替美元或人民币，这很可能解释了这200万美元的差额。如果40个客户从比特币钱包中拿出51,000美元购买Model 3，或者是把比特币存在里面，这些销售额将能够解释特斯拉秘密拥有的200万美元的额外收入。
现在一个主要的担心是：马斯克和柯克霍恩都表示特斯拉出售了10%的股份。但上述数学计算表明，它在第一季度购买的比特币数量略高于11%。所以很可能其中忽视了什么，或是马斯克和柯克霍恩也只是给出了一个粗略的数字。
马斯克希望继续持有比特币，但特斯拉还会加仓吗？
在电话会议上，柯克霍恩谈了很多比特币的好处以及出售比特币的原因。他宣称：“埃隆和我一直在寻找一个把钱存起来之后不会立即用掉的场所，并想要获得一定程度的回报，同时也保持流动性。”他解释说，减持比特币的理由部分是为了测试交易的难易程度，让比特币流动起来。柯克霍恩说：“我们对比特币市场的流动性很满意。”得知特斯拉赚了2.72亿美元很有意思。美国最大的加密货币交易所Coinbase最近披露，每交易1美元的手续费平均为0.47%。按照这个比率，特斯拉为比特币交易付出的手续费达到令人咋舌的100万美元。
柯克霍恩也证实了特斯拉对比特币的承诺，就像马斯克在推特上回应波特诺伊的那样。这位首席财务官观察到：“我们相信比特币的长期价值。因此，我们打算将其作为长期资产持有，并继续在客户的购车交易中积累比特币。”
而柯克霍恩没有说的是，特斯拉有意下一场更大的赌注——就像当初以15亿美元购入比特币一样，那一次，它们把比特币的价格推到了前所未有的高度。
在第一季度，投机比特币要比卖电动汽车更有利可图
2008年以来，特斯拉一直在造车，但交易比特币只有一个季度。值得一提的是，它这三个月的做法更像一个比特币投机者，而不是汽车制造商。第一季度，特斯拉公布了5.33亿美元的税前利润。但这包括出售监管信贷的5.19亿美元，而这项红利很快就会消失；还有1.01亿美元的比特币大头。减去出售汽车、电池和服务以外的收益，它亏损了8,700万美元。
除去1.01亿美元的利润，比特币的暴涨让它们的资产增值了超过7亿美元。尽管发了这么大一笔财，但把特斯拉的资产与这笔波动性巨大的投资联系在一起还是一个很不明智的决定，只会让特斯拉本来就不明朗的盈利能力更加模糊。特斯拉的投资者最不需要的就是风险。相比买比特币，马斯克能够用这笔多余的资金支付特别股息，并且让股东决定是购买比特币还是投到其他方面。马斯克是一位杰出、魅力超凡的商业领袖，却被困在比特币的风险中骑虎难下。他应该回到原先的赛道上，继续专注于眼前的道路，并坚持制造可以改变世界的车辆。（财富中文网）
编译：陈聪聪
比特币（Bitcoin）和埃隆·马斯克可以说是地球上最大的两桩生意了。因此，当后面这位特斯拉公司（Tesla）的首席执行官在4月26日发布的第一季度财报中披露，该电动汽车制造商抛售了一部分于今年早些时候高调购入的比特币、并获益颇丰时，推特（Twitter）上炸开了锅。比特币怀疑论者、知名的博客作家，同时也是资讯网站Barstool Sports创始人的戴夫·波特诺伊抨击马斯克精心策划了一场骗局。他在推特中说：“所以我这么理解对吗？马斯克炒高了比特币，然后转手把它抛了，狠狠赚了一笔。”比特币迷担心，马斯克已经对他原来大力推广的这种技术失去兴致了。
而马斯克也不甘示弱，在推特上回击了波特诺伊，并让粉丝们放心：“不，你理解错了。我没有卖出自己的任何一枚比特币。只是特斯拉出售了公司持仓的10%，这主要是为了证明比特币的流动性，而不是为了要在财报上显示出有现金入账。”显然，这是马斯克首次披露自己持有比特币，并且证实将继续持有。这两则消息也得到了特斯拉首席财务官的印证，即特斯拉会长期持有比特币。这就让币圈发烧友们欢呼雀跃，并进一步推动了从前一天就开始的牛市。消息发布后，比特币在4月27日下午早些时候上涨了2%，至54,092美元。
特斯拉在比特币上赚了多少钱？
自从特斯拉在2月8日宣布以15亿美元的价格购入上万枚比特币以来，这家电动汽车制造商的收益一直是肉眼可见的丰厚。第一季度报告也向人们透露了更多细节，即特斯拉大约花了多少钱买币、它们的资产负债表上还剩下多少比特币，以及它们到底从这场豪赌中获益多少。这些数字还揭示了一个让人担忧的事实：在第一季度，与比特币的升值相比，特斯拉从销售汽车和电池、提供软件更新等服务中赚到的钱相形见绌——而这些才是它的基础业务。
通行的会计规则将数字货币划为“无限期无形资产”类。如果在一个季度末，比特币的价格低于该公司购入时的价格，则要记为“收益减少”，以反映亏了多少。但如果价格上涨，持有者也不能在财报上显示这种升值。持仓的价值仍然要显示为公司最初支付的金额，即“账面价值”。
第一季度财报里显示出的巨额利润也让人们知晓了特斯拉这笔意外之财的大致规模。根据第5页的注释，特斯拉出售比特币获得了1.01亿美元的“净利润”，记录在财报的“资产重组与其他”一行中。在现金流报表上，出售比特币的收益是2.72亿美元。因此能够得知，特斯拉购入比特币的价格是1.01亿美元，而这一买一卖就赚了1.71亿美元，获利59%。特斯拉的首席财务官扎克·科克霍恩在电话会议上表示，交易发生在“3月下旬”。
比特币的价格在3月的最后三周里一直趋于稳定，均价55,100美元。因此，从数字上看，特斯拉大约以该价格出售了4,800枚比特币，达到2.72亿美元的收益。我们也可以估算出特斯拉最初买入比特币时的价格。由于它每卖出一个比特币就能够获得59%的利润，因此其原始成本必然在34,700美元左右。这样的数字也很合理，接近于1月至2月初特斯拉购入时期的均价。这笔价值15亿美元的投资大约买入了43,000枚比特币。
还有，售出比特币的账面价值，即带来的回报收益为1.71亿美元。因此，我们可以得知，原始投资的15亿美元大约还剩下多少：15亿美元减去1.71亿美元，约合13.29亿美元。我们就知道每枚比特币购入时的价格约为34,700美元。
结论就是：特斯拉仍然持有约38,300枚比特币，价值13.29亿美元。按照4月26日比特币的价格54,100美元计算，特斯拉的资产共计20.7亿美元。它原来持有的价值为7.41亿美元。加上第一季度新入账的1.01亿美元，总收入为8.42亿美元。
这些数字都是近似值，但应该说接近全貌。在财报中，特斯拉显示持有13.31亿美元“数字货币”。这比上述按照“销售所得-原始购买”计算的高出200万美元。但是在电话会议上，柯克霍恩称，特斯拉“将继续从客户的购车交易中积累比特币。”马斯克在2月发表的著名宣言中指出，特斯拉将接受比特币来代替美元或人民币，这很可能解释了这200万美元的差额。如果40个客户从比特币钱包中拿出51,000美元购买Model 3，或者是把比特币存在里面，这些销售额将能够解释特斯拉秘密拥有的200万美元的额外收入。
现在一个主要的担心是：马斯克和柯克霍恩都表示特斯拉出售了10%的股份。但上述数学计算表明，它在第一季度购买的比特币数量略高于11%。所以很可能其中忽视了什么，或是马斯克和柯克霍恩也只是给出了一个粗略的数字。
马斯克希望继续持有比特币，但特斯拉还会加仓吗？
在电话会议上，柯克霍恩谈了很多比特币的好处以及出售比特币的原因。他宣称：“埃隆和我一直在寻找一个把钱存起来之后不会立即用掉的场所，并想要获得一定程度的回报，同时也保持流动性。”他解释说，减持比特币的理由部分是为了测试交易的难易程度，让比特币流动起来。柯克霍恩说：“我们对比特币市场的流动性很满意。”得知特斯拉赚了2.72亿美元很有意思。美国最大的加密货币交易所Coinbase最近披露，每交易1美元的手续费平均为0.47%。按照这个比率，特斯拉为比特币交易付出的手续费达到令人咋舌的100万美元。
柯克霍恩也证实了特斯拉对比特币的承诺，就像马斯克在推特上回应波特诺伊的那样。这位首席财务官观察到：“我们相信比特币的长期价值。因此，我们打算将其作为长期资产持有，并继续在客户的购车交易中积累比特币。”
而柯克霍恩没有说的是，特斯拉有意下一场更大的赌注——就像当初以15亿美元购入比特币一样，那一次，它们把比特币的价格推到了前所未有的高度。
在第一季度，投机比特币要比卖电动汽车更有利可图
2008年以来，特斯拉一直在造车，但交易比特币只有一个季度。值得一提的是，它这三个月的做法更像一个比特币投机者，而不是汽车制造商。第一季度，特斯拉公布了5.33亿美元的税前利润。但这包括出售监管信贷的5.19亿美元，而这项红利很快就会消失；还有1.01亿美元的比特币大头。减去出售汽车、电池和服务以外的收益，它亏损了8,700万美元。
除去1.01亿美元的利润，比特币的暴涨让它们的资产增值了超过7亿美元。尽管发了这么大一笔财，但把特斯拉的资产与这笔波动性巨大的投资联系在一起还是一个很不明智的决定，只会让特斯拉本来就不明朗的盈利能力更加模糊。特斯拉的投资者最不需要的就是风险。相比买比特币，马斯克能够用这笔多余的资金支付特别股息，并且让股东决定是购买比特币还是投到其他方面。马斯克是一位杰出、魅力超凡的商业领袖，却被困在比特币的风险中骑虎难下。他应该回到原先的赛道上，继续专注于眼前的道路，并坚持制造可以改变世界的车辆。（财富中文网）
编译：陈聪聪
They're arguably the two biggest business names on the planet: Bitcoin and Elon Musk. So when the Tesla CEO disclosed in the Q1 earnings release on April 26 that the EV-maker had booked a fat gain by selling part of the Bitcoin horde it famously amassed early this year, the Twitter-sphere erupted. Bitcoin skeptic Dave Portnoy, the celebrity blogger, ripped Musk for perpetrating a con. "So am I understanding this correctly? He pumps it. It goes up. Then he dumps it and makes a fortune," tweeted the founder of Barstool Sports. Bitcoin fans fretted that Musk was souring on the signature token he'd done so much to promote.
Sword drawn, Musk riposted to foil Portnoy and reassure the loyalists. "No, you do not," he responded to Portnoy's tweet. "I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on the balance sheet." This was apparently the first time Musk disclosed that he himself owns Bitcoin. That news, and assurances that he's keeping all his coins, backed by the CFO's pledge that Tesla's a long-term holder, cheered enthusiasts and recharged the bull run that started the previous day. Following the release, Bitcoin rose 2% by early afternoon on April 27 to $54,092.
How much has Tesla made on Bitcoin?
Ever since Tesla announced its $1.5 billion Bitcoin purchase in the 10K, issued on February 8, it's been clear that the EV-maker's been harboring big gains. Still, the Q1 report provides new detail on the approximate price Tesla paid, how many coins remain on its balance sheet, and how much it's made on its big wager. The numbers also reveal a troubling truth: In the first quarter, the digital currency's appreciation dwarfs what Tesla earned in its bedrock business of selling cars and batteries, and providing software updates and other services.
Accounting rules classify digital currencies as "indefinite-lived intangible assets." If at the end of a quarter, the price of Bitcoin falls below what the company paid, it's required to take an "impairment" charge reflecting the size of the hit. But if the price rises, the owner doesn't show that appreciation on the balance sheet. The holdings are still shown at the amount or "book value" the company originally paid.
The big profit recorded in Q1 reveals the approximate size of the overall windfall. A note on page 5 discloses that Tesla booked a $101 million "positive impact" from the sale of Bitcoin, recorded in the 'Restructuring & Other' line on the income statement. The cash flow statement shows that the sale garnered proceeds of $272 million. Hence, we know that Tesla paid $171 million for Bitcoin it sold for $101 million more, clinching a 59% profit. On the conference call, CFO Zach Kirkhorn stated that the transaction happened "later in March."
Bitcoin's price was uncharacteristically steady in the last three weeks of March, averaging $55,100. So the math suggests that Tesla sold around 4,800 Bitcoins at that price to raise the $272 million. We also can reckon what Tesla originally paid for its stake. Since it pocketed a 59% gain on every Bitcoin sold, its original cost must have been about $34,700. Makes sense. That's close to the average quote in the January to early February period that bookends Tesla's purchases. It appears that the $1.5 billion investment bought roughly 43,000 Bitcoin.
Once again, the book value––or what it paid––for the tokens sold is $171 million. So we know the approximate balance-sheet number for what remains is the original investment of $1.5 billion, less the $171 million, or about $1.329 billion. We also know the approximate purchase price per coin of $34,700.
Result: Tesla still holds around 38,300 Bitcoin that cost $1.329 billion. At Bitcoin's price of $54,100 on April 26, Tesla's trove is worth $2.07 billion. Tesla's gain on what it still owns is $741 million. Add the $101 million from the Q1 sale, and its total take is $842 million.
These numbers are approximate, but present what should be close to the full picture. On its balance sheet, Tesla displays its "digital currency" holdings at $1.331 billion. That's $2 million more than the number I get from deducting the sale from its original purchases. But on the earnings call, Kirkhorn said that Tesla "continues to accumulate Bitcoin from transactions from our customers as they purchase vehicles." Musk's famous declaration in February that Tesla would accept the coins in lieu of dollars or yuan may well explain the $2 million discrepancy. If forty customers opened their Bitcoin wallets to buy or make deposits on $51,000 Model 3s, those sales would account for the extra $2 million-worth in Tesla's coffers.
My main misgiving: Both Musk and Kirkhorn refer to selling 10% of Tesla's stake. My math shows it parted with just over 11% of the number of coins purchased in Q1. So it's possible I'm missing something, or that Musk and Kirkhorn were giving a ballpark figure.
Musk wants to keep holding Bitcoin, but will Tesla buy more?
On the conference call, Kirkhorn spoke extensively about Bitcoin's benefits, and why Tesla sold. "Elon and I were looking for a place to store cash that wasn't being immediately used, trying to get some level of return on this, but also preserve liquidity," he declared. The rationale for trimming its position, he explained, was in part to test the ease of buying and selling. Bitcoin passed in a walk. "We've been quite pleased with the liquidity in the Bitcoin market," said Kirkhorn. It would be interesting to know what commissions Tesla paid in reaping that $272 million. Coinbase, the largest U.S. crypto exchange, recently disclosed average fees of 0.47% on each dollar it handles in transactions. At that rate, Tesla would have paid a jaw-dropping $1 million to make the trade.
Kirkhorn affirmed Tesla's commitment to Bitcoin, as did Musk in his Twitter jab at Portnoy. "We do believe in the long-term value of Bitcoin," observed the CFO. "So it's our intent to hold what we have long-term and to continue to accumulate Bitcoin from transactions from our customers as they purchase vehicles."
What Kirkhorn didn't say is that Tesla has any intention of making more mega-bets like the $1.5 billion buy that helped propel the Bitcoin to never-before-seen prices.
In Q1, speculating in Bitcoin was far more profitable than selling EVs
Tesla's been producing autos since 2008, but it's only been trading Bitcoin for a single quarter. It's worth noting that during its maiden three months doing both, it fared much as a Bitcoin speculator than as a carmaker. In Q1, Tesla posted pre-tax profits of $533 million. But those earnings included $519 million in sales of regulatory credits, a boost that will soon disappear, as well as the $101 Bitcoin bonanza. Subtract those benefits outside selling cars, batteries and services, and it lost $87 million.
Excluding the $101 million profit, its appreciation from the Bitcoin foray amounted to well over $700 million. Despite that bounty, the decision to tie Tesla's fortunes to an ultra-volatile investment was a poor one. Given the crypto's wild fluctuations, the big holding will only make Tesla's already uncertain profitability harder to forecast. What Tesla investors don't need more of is risk. Instead of gorging on Bitcoin, Musk could pay a special dividend with this excess cash, and let shareholders decide whether to buy Bitcoin or do something else with the cash. Musk is a brilliant, charismatic leader who is sidetracked on a Bitcoin misadventure. He should get back on the track, keep his eyes on the road, and stick to making vehicles that change the world.
