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Here’s how Tesla’s 11,509 Bitcoin holdings affected Q4 profits
In its latest earnings report, Tesla has revealed a significant boost in its net income due to its massive Bitcoin (BTC) holdings. The company’s decision to retain its digital asset reserves has resulted in a staggering $600 million gain in the fourth quarter of 2024.
The financial behemoth reported a Generally Accepted Accounting Principles (GAAP) income of $2.3 billion in Q4, with the BTC-related gains accounting for a substantial portion. While Tesla’s revenue dipped slightly from the previous quarter, its net income shows an impressive surge.
Tesla remains one of the largest corporate Bitcoin holders, with 11,509 BTC under its belt. The new FASB rule change has allowed companies like Tesla to reflect fair market values of digital assets on their balance sheets, a significant shift in accounting regulations.
Source: ambcrypto.com
