Elon Musk-Led Tesla Reports Massive $600M Bitcoin Gain in Q4, 2024
2025-01-30
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Elon Musk-owned electric vehicle maker Tesla reported a $600 million gain on its Bitcoin holdings in Q4, benefiting from a new accounting rule that allows companies to adjust digital asset valuations quarterly based on market prices.
According to Arkham Intelligence, Tesla holds 11,509 BTC, currently worth approximately $1.19 billion.
However, the company did not explicitly disclose its Bitcoin holdings in its Q4 2024 report, only mentioning a $600 million mark-to-market gain under “digital assets.”
The latest accounting update significantly increased Tesla’s reported Bitcoin value. The adjustment boosted digital assets to $1.076 billion. Older accounting rules previously listed their impaired value as only $184 million.
The new rule by the Financial Accounting Standards Board (FASB), enacted in December 2023, allows businesses to report crypto holdings at fair market value under US GAAP standards. Before this, companies had to record declines in value but couldn’t update holdings to reflect price increases unless sold, potentially misrepresenting financial strength.
Tesla’s Q4 GAAP income hit $2.3 billion, adding Bitcoin’s contributions. Meanwhile, revenue rose 2% to $25.71 billion but missed projections as analysts had forecasted $27.22 billion.
The electric vehicle giant also fell short of profit expectations as it posted an earnings per share of $0.73, below analysts’ forecast of $0.76. The company’s total Q3 operating expenses reached $2.59 billion, recording more than 9% rise from the previous quarter.
Tesla’s fourth-quarter earnings report comes just over a week after President Donald Trump was sworn in for his second term. Musk has been both a vocal advocate and a significant financial backer of Trump. He even became the largest donor in the 2024 US presidential election and served as an informal advisor throughout Trump’s campaign and presidency. In January 2025, Trump officiallyappointedMusk as the administrator of the US Department of Government Efficiency (DOGE).