Tesla Booked $80M Profit on Bitcoin Holdings in Q3
Tesla recorded an $80 million gain on its Bitcoin holdings during the third quarter due to the cryptocurrency's rising value.Summary
Tesla reported booking an $80 million profit on its Bitcoin holdings in the third quarter, attributed to the rise in BTC's value during that period. As of September 30, the company held 11,509 BTC, valued at $1.315 billion, up from $1.235 billion three months prior. This gain is now recognized quarterly due to new FASB rules, which require marking digital asset gains or losses each period, unlike previous rules that required marking down to the lowest value reached. Despite the digital asset gain, Tesla's adjusted Earnings Per Share (EPS) of $0.50 missed forecasts of $0.54, though its revenue of $28.1 billion surpassed estimates of $26.36 billion. The company maintained $41.6 billion in total cash and equivalents at the end of the quarter.
(Source：CoinDesk)