Elon Musk's company, Tesla, reported a $600 million profit from Bitcoin in Q4 2024 without adding to its holdings, attributed to the cryptocurrency's rally.
Tesla's Bitcoin Profit
Tesla's SEC filing confirmed it holds 11,509 BTC, valued at $1.1 billion according to Arkham Intelligence, compared to its $38,000 average purchase price.
FASB's New Accounting Rules
The FASB introduced fair-value accounting rules in December 2024, changing how companies report crypto assets. Tesla benefited by reporting their holdings at market value.
"Other income (expense), net, changed favorably by $523 million in 2024 due to revaluation of our bitcoin digital assets to fair value."Tesla, SEC filing
The Future of Tesla's Crypto Payments
Despite reaching over 57% green energy usage, Tesla has yet to reinstate Bitcoin payments.
Tesla leveraged new accounting standards for substantial bitcoin profits, but the question of resuming crypto payments remains unanswered.
