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Tesla Books $600 Million Boost From Bitcoin After Accounting Change
Bitcoin boosts Tesla profits by almost $600 million after accounting rule change
Elon Musk's EV maker invested $1.5 billion in bitcoin in early 2021. Companies can now record paper gains on cryptocurrencies as net income.
Tesla Marked Up Bitcoin Holdings Valuation in Q4, Booking a $600M Gain
A recent change in the rules for how companies account for digital assets led Tesla to report a $600 million mark-to-market gain.
Tesla’s Bitcoin holdings surged in value, climbing from a carrying value of $184 million to a fair market value of $1.08 billion. The company is
Vaibhav Taneja acknowledged Tesla’s benefit from its Bitcoin holdings during the company’s Q4 2024 earnings call. CEO Elon Musk is a known proponent of cryptocurrency, so it doesn’t come as a shock that Tesla was holding on to a large chunk of Bitcoin.
Cryptopolitan on MSN15h
Tesla reports $600 million gain on Bitcoin holdings following new accounting rule updateThe automotive company did not disclose its Bitcoin holdings in its Q4 2024 report. Instead, it disclosed a $600 million mark-to-market gain on “digital assets.” Still, according to Bitcoin Treasuries, Tesla holds 9,720 BTC, making it the sixth-largest publicly traded company with Bitcoin on its balance sheet.
Tesla has reported a $600 million boost in its latest quarterly results, thanks to a recent change in accounting rules for digital assets.
The gain reflects a new accounting adjustment, lifting Tesla’s reported digital asset value to $1.076 billion from $184 million.
Electric vehicle maker Tesla (TSLA) has reported that it held 9,720 Bitcoin (BTC) valued at $1.07 billion at the end of last year. Invest with
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