Tesla just revealed a staggering $600 million profit from its Bitcoin ($BTC ) reserves in Q4 2024! This result was made possible by a new accounting rule that allows companies to account for the market value of their digital assets.
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Tesla's financial report, released on Jan. 29, shows that the company now values its 9,720 BTC reserves at more than $1 billion, a considerable jump from the $184 million previously reported.
New accounting rule boosts corporate Bitcoin value
Prior to this change, companies holding Bitcoin were required to record losses when the asset depreciated, but could not record gains until they sold it. Now, with the new rule from the Financial Accounting Standards Board (FASB), BTC can be recorded at its fair market value, better reflecting its true value.
This adjustment helped Tesla report total revenue of $2.3 billion in the fourth quarter, with Bitcoin gains playing a key role in that result.
Tesla Below Expectations, But Could BTC Be a Trump Card?
Despite the Bitcoin profit, Tesla faced a challenging quarter. The company reported revenue of $25.71 billion, a modest 2% increase but still below the $27.22 billion estimate.
Earnings per share (EPS) also fell short of expectations, coming in at $0.73 versus the projection of $0.76. As a result, Tesla (TSLA) shares fell 2.26%, but in the after-hours session they rebounded 4.44% to $406.36.
Companies are increasingly adopting Bitcoin!
Tesla isn’t the only giant betting on Bitcoin as a treasury strategy. Other companies, such as Semler Scientific, Genius Group and Rumble, have followed suit, while MicroStrategy leads the way with an impressive 471,000 BTC stash, valued at $48 billion!
With more and more institutions incorporating Bitcoin into their balance sheets, are we seeing a new wave of institutional adoption?
Fonte: Cointelegraph
📢 What do you think? Will other companies follow Tesla and add Bitcoin to their reserves? Comment below! 💬👇
Disclaimer: This content is not investment advice. Please do your own research and be fully informed before making any decisions.
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