Tesla Reports $80M Profit from Bitcoin Holdings in Q3
- Tesla holds a total of 11,509 BTC, valued at approximately $1.35 billion at the end of Q3.
- The rise in bitcoin value resulted in an $80 million gain for the company.
- Tesla’s adjusted EBITDA for Q3 was reported at $4.3 billion.
- The company reported a third quarter revenue of $28.1 billion, exceeding estimates of $26.36 billion.
- Adjusted EPS was $0.50, below forecasts of $0.54.
- New FASB rules require Tesla to recognize bitcoin gains or losses quarterly.
Tesla’s significant holdings in bitcoin have contributed notably to its financial performance, with an impressive revenue figure that surpassed market expectations.
With a reported profit of $80 million from its bitcoin investments, Tesla continues to leverage its cryptocurrency assets effectively amidst changing accounting regulations.(Source)
