Tesla (TSLA) maintained its 11,509 BTC holdings, worth approximately $1.35 billion at the close of the third quarter (value is slightly lower now).
The increase in bitcoin’s price during Q3 enabled the company to record an $80 million gain. To put it in context, the adjusted EBITDA for the quarter was $4.3 billion, and Tesla had total cash and equivalents of $41.6 billion by the end of that quarter.
The electric vehicle company announced third quarter revenue of $28.1 billion, exceeding estimates of $26.36 billion. Adjusted EPS (excluding digital asset gains) was $0.50, falling short of the anticipated $0.54.
Due to new FASB guidelines, Tesla must now account for bitcoin gains or losses each quarter, unlike before when companies needed to account for their holdings at the lowest value during the reporting period.
In after-hours trading, TSLA shares are moderately lower at $434.
