I don’t understand the games people play when certain financial numbers line up and they want to “give credit” for all the profit to one thing or another. It’s not reality, and it’s not how a company is run.
Tesla is trying to grow as quickly as possible, and will deploy as much capital to that end that they can do so reasonably efficiently.
They sold about $10 billion of product with a gross margin over 20%. That’s $2 billion of gross profit that can fund their growth. They also had ~$500 million of credits due to making all those cars, so it’s $2.5 billion in gross profit from selling cars that funds their future growth. Additionally they apparently reported another ~$100 million of capital gains from Bitcoin. That’s an additional 4%.
The Bitcoin did not drive their profit. The credits did not drive their profit. What drives profit — when selling a product with 20-25% gross margin - is how much you are spending on future growth. And they are growing at 50% YoY which is nothing short of incredible at their scale.