Tesla's latest financial results revealed a significant $600 million boost in net earnings attributed to Bitcoin and a change in accounting standards mandated by the FASB. The report indicated that Tesla holds $1.08 billion in digital assets, a sharp rise from the previous $184 million. This growth follows a new policy allowing companies to report digital asset values at market rates each quarter, enhancing transparency and reflecting true asset value. Previously, firms accounted for crypto at historic lows. Tesla's CFO highlighted this shift during the earnings call.
"It is important to point out that the net income in Q4 was impacted by a $600 million mark-to-market benefit from Bitcoin due to the adoption of a new accounting standard for digital assets."
"Tesla had a $600 million boost in its net earnings because of Bitcoin and a new accounting rule for how companies can account for crypto."
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