Electric vehicle maker Tesla recorded an $80 million profit from its Bitcoin holdings in the third quarter, benefiting from the crypto’s price rally. The company continues to hold 11,509 BTC, valued at approximately $1.35 billion at quarter-end.
Tesla reported $28.1 billion in Q3 revenue, beating Wall Street estimates of $26.36 billion, though its adjusted earnings per share came in slightly below forecasts at $0.50 versus the expected $0.54.
Tesla’s adjusted EBITDA stood at $4.3 billion, with $41.6 billion in cash and equivalents. The results also mark the first reporting period under the new FASB rules, which require companies to recognize fair-value gains and losses on digital assets every quarter.
Previously, firms could only write down crypto to its lowest market price during a reporting period, limiting recognition of unrealized gains. The change provides a clearer reflection of Tesla’s crypto exposure in its financial results.
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