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Tesla’s Bitcoin Holding Sees Explosive Growth, Boosting Q4 Earnings by $600 Million
In a surprising turn of events, Tesla has reported a significant surge in the value of its Bitcoin holdings, resulting in a whopping $600 million boost to its Q4 earnings. This astonishing growth is attributed to a new accounting rule introduced by the Financial Accounting Standards Board (FASB) that allows companies to report the market value of their crypto assets.
Prior to this change, firms were required to record losses if Bitcoin’s price dropped and could only recognize gains if they sold the asset. However, with this new rule in place, companies can now provide a more accurate picture of their financial positions, resulting in a major boost for Tesla.
As per recent reports, Tesla has accumulated an impressive 9,720 BTC as of Q4 2024. The electric vehicle giant’s Bitcoin holdings have seen unprecedented growth, with the value soaring to over $1 billion. This surge is believed to be a direct result of the new accounting rule.
Despite this massive accumulation by companies like Tesla, it remains crucial to remember that MicroStrategy still holds the largest share of Bitcoin, with an impressive 471,000 BTC worth approximately $48 billion.
Source: coinpedia.org
