Tesla Reports $600 Million Profit From Bitcoin

Tesla’s recent financial report received a boost from its holdings of Bitcoin, thanks to new accounting regulations for digital assets.

According to CFO Vaibhav Taneja, the company earned a $600 million benefit from the digital tokens, as a result of adopting this new approach.

Although Tesla missed analysts’ expectations for adjusted earnings in the fourth quarter, its stock rose in extended trading due to its plan to begin robotaxi operations and predicted sales recovery this year, as announced by CEO Elon Musk.

In 2021, Tesla made a $1.5 billion investment in Bitcoin, taking advantage of the crypto boom. As of now, the company’s balance sheet shows a net $1.08 billion in digital assets.