비트코인 투자로 본 테슬라의 재무적 의사결정

소개

테슬라의 비트코인 투자를 재무(회계)적 관점에서 분석했습니다. 미국의 한 대학 회계(accounting) 과목 과제로 실시했고 만점을 받았습니다.

목차

1. Diversity and maximise the returns on cash?
2. Bitcoin on balance sheet?
3. Why did they make such a decision even at high risk?

본문내용

Tesla explained that the company has updated its investment policy to give it greater flexibility to diversify and maximize cash returns (which is not required to maintain sufficient operational liquidity), which explains the collapse of the cryptocurrency. It is worth noting that these gains are equivalent to Tesla's "book profit", and there is no indication that the company has sold any bitcoins. At the same time, Bitcoin's extreme volatility means that returns may be short-lived (or even higher). By the afternoon of February 22 this year, the price of Bitcoin plummeted by more than US$5,000 to US$52,295, which brought Tesla's unrealized gains from its cryptocurrency investments to less than US$900 million. That is still a neat return. More specifically, this is nearly 10 times the car company’s monthly profit of US$95 million in the second half of 2020, and more than double the US$690 million profit for the entire year last year. Tesla raised about $12 billion in cash last year by issuing shares to take advantage of the soaring stock price – however, Bitcoin means that the value of the assets it now bears does fluctuate wildly.

참고자료

· https://www.marketwatch.com/story/is-teslas-1-5-billion-bitcoin-buy-smart-corporate-finance-experts-weigh-in-11612817269
· https://www.fool.com/investing/2021/03/05/companies-collectively-bought-39-billion-bitcoin/
· https://www.barrons.com/articles/tesla-is-worth-more-than-a-trillion-dollars-says-analyst-51612195025
· https://www.moneyweb.co.za/moneyweb-crypto/bitcoin/why-some-companies-are-switching-their-cash-into-bitcoin/
· https://diginomica.com/bitcoin-your-portfolio-why-more-corporations-are-adding-cryptocurrency-their-balance-sheets
· https://www.cbsnews.com/news/tesla-bitcoin-investment-1-billion/
· https://www.smh.com.au/business/markets/elon-musk-is-taking-a-big-gamble-with-his-bitcoin-bet-20210215-p572kw.html
· https://www.reuters.com/article/us-crypto-currency-bitcoin-treasury-expl/explainer-bitcoin-on-your-balance-sheet-heres-what-you-need-to-know-idUSKBN2B00FP