Tesla Earned a Net Profit of $589 Million from Holding Bitcoin

In Q4 2024, Tesla recorded a record profit from the rise of the first cryptocurrency

For the October-December period, Tesla reported a profit of $589 million from held Bitcoin. The company had to reflect the market price of the first cryptocurrency on the reporting date after new accounting rules were approved

Before the new standards took effect, corporations had to decrease the value of digital gold on the balance sheet amid price fluctuations. A positive revaluation in case of improved market conditions wasn’t accounted for until the asset was sold.

As a result, Tesla’s total net profit for 2024 reached a staggering $7.1 billion! Also, thanks to these accounting changes, Tesla’s Bitcoin position grew to $1.076 billion by the end of 2024, up from $184 million in the previous quarter.

The report did not disclose the current number of coins. According to the latest official data, Tesla held 11,509 BTC (~$1.21 billion) in November 2024.

Currently, the American electric vehicle maker is the sixth-largest corporate holder of the first cryptocurrency and, it seems, aims to maintain and strengthen its position in this sector.

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