In the final quarter of 2024, Tesla announced a $600 million increase in the value of its Bitcoin
The change comes from a Financial Accounting Standards Board (FASB) update that took effect in December 2023.
This adjustment allows companies to record the market value of their cryptocurrency on financial statements instead of using previous cost-based methods.
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Tesla’s latest earnings report, released on January 29, shows that its Bitcoin holdings are valued at more than $1 billion. This is a jump from the $184 million recorded in previous quarters.
The company’s total Bitcoin holdings stand at 9,720 BTC, according to Bitcoin Treasuries, which resulted in a net gain of $589 million for the quarter.
Despite the Bitcoin-related boost, Tesla’s overall earnings and revenue did not meet market expectations. The company reported $25.71 billion in revenue for Q4 2024, a 2% increase from the previous year but lower than analysts’ projected $27.22 billion. Earnings per share (EPS) were reported at $0.73, slightly below the estimated $0.76.
Tesla also saw higher operating costs, with third-quarter expenses reaching $2.59 billion, which reflects a more than 9% increase from the prior quarter.
Meanwhile, Metaplanet, Asia’s largest corporate Bitcoin holder, recently announced plans to expand its Bitcoin holdings in 2025. How much BTC will the company add? Read the full story.
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