Tesla Gains $80M on Bitcoin Holdings as Q3 Revenue Tops Estimates
Tesla (TSLA) recorded an $80 million profit on its Bitcoin holdings during the third quarter, thanks to the cryptocurrency’s appreciation.
As of September 30, the company held 11,509 BTC, valued at around $1.35 billion, up from $1.235 billion at the end of Q2. New FASB accounting rules require companies to recognize quarterly gains or losses on digital assets, replacing the previous practice of marking them down to their lowest value during the period.
Tesla also reported Q3 revenue of $28.1 billion, exceeding analyst expectations of $26.36 billion, while adjusted EPS came in at $0.50, slightly below forecasts of $0.54. Adjusted EBITDA was $4.3 billion, and total cash and equivalents reached $41.6 billion at quarter-end.
Shares of TSLA traded modestly lower in after-hours trading at $434.
